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Thursday, 10 April 14
DRY BULK MARKET IS RISING CLAIMS BIMCO - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite the recent fall of the Baltic Dry Index (BDI), when one compares the first quarter of 2014, to similar quarters of the recent past, it is apparent that the market is rising, claimed BIMCO in its latest market analysis for the April/May period. For this period, BIMCO believes that the level of Capesize TC average rates will hover around USD 12,000-22,000 per day. Panamax TC average rates will still feel the supply pressure in the region of USD 5,000-10,000 per day. For the Supramax segment, BIMCO forecasts freight rates in the USD 10,000-14,000 per day interval supported by more Atlantic cargoes, whereas Handysize rates seen in the solid region of USD 8,000-10,000 per day.
DEMAND
According to BIMCO's report, "while freight rates for Capesize ships have fended off the talk of a slowdown in China in an impressive fashion, rates finally took a minor hit on the final trading days of March. As the strong sentiment eased, it caused a derivatives sell-off in its wake. When comparing the performance of freight rates in the first quarter of 2014 to previous years, it becomes clear that the market is rising. In the first quarter, average freight rates are significantly up from the multi-year low Q1 rates in 2013. Capesize rates went up by as much at 167% at USD 16,198 per day, whereas the other three dry bulk sub-segments all improved by 50% on last year’s first quarter TCE average earnings".
BIMCO added that "despite the year-on-year improvements, the complete lack of volatility outside the Capesize segment means that spot operators’ trading possibilities have been scarce. Time charter rates are steadily moving up, while spot rates are moving sideways. In the anticipation of an improving freight market going forward, owners and operator have increased their spot market exposure to take advantage of this. Following the weakness around the Chinese New Year, Capesize spot rates bounced back surprisingly strongly from the USD 8,000 per day level in early February to deliver a March average at USD 22,000 per day. That performance also lifted the period market to highs not seen since 2010. Rates for 6-12 months’ time charters hit USD 30,000 per day during the second half of March".
In terms of demand, the report noted that "the South American grain season is at its height in April, May and June, with Brazil confirming its position as the world’s leading exporter of soybeans, with 45 million tons of exports. On the imports side, China is on the move in a big way, expecting to import 68.5 million, up by 15% on last season. China accounts for 80% of the incremental volume growth expected for the coming season, providing a lot of tons-mile into the market. 2014 will be a year with full focus on the big mining companies, who are ramping up the production of iron ore by as much as 170 mill tons in 2014. This flooding of the market has already brought ore prices down from USD 130-140 during H2-2013".
BIMCO's Chief Shipping Analyst, Mr. Peter Sand, noted that "ordering activity went up by 258% in 2013 as compared to the year before. During the fourth quarter of 2013, more tonnage (31.7 million DWT) was ordered than in the full year of 2012 (24 million DWT). The stronger demand for new contracts also meant the newbuilding prices from all Far Eastern shipyards have gone up by 12-23% since the beginning of 2013. The larger the ship, the higher the increase has been. Recent resale deals indicate that prices continue to rise on the back of strengthened optimism. At the end of March, four South Korean to-be-built Capesize ships for delivery in 2015/16 had a price tag of USD 60.5 million. This is the same price tag for Japanese built ships of that size, whereas the Chinese newbuilding is set at USD 53.2 million".
The report concluded that "regardless of much optimism in the overall sector, sales indicate short-term pessimism in the Panamax sector. Ships with a capacity of 80,000 DWT, built in China and delivered in 2014, come with a price tag of USD 23-24 million. The newbuilding price for same ship size and build for delivery in 2016 is USD 30 million The still-hectic delivery pace, at 3.5 Panamax ships a week, is part of the explanation for the discount on soon-to-be-delivered Panamax tonnage. Following some frantic delivery years, the pulse of shipyard output is significantly down from the one-Capesize-ship-a-day of the peak years (2010-2012) to more normal levels, going forward at 2.5 ships per week in any given dry bulk sub-segment".
Source: Nikos Roussanoglou, Hellenic Shipping News Worldwide
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Monday, 07 April 14
API 8 CFR SOUTH CHINA COAL SWAPS GAINED 2.09% M-O-M
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 deliveries gained 2.09 percent month on month and closed at US$ 75.68 per ...
Sunday, 06 April 14
THE FREIGHT MARKET KEEPS SLIDING
COALspot.com: The freight market continued to drop this week. The BDI (Baltic Dry Index) is a widely followed metric that reflects the overall r ...
Friday, 04 April 14
UNITED STATES COAL OUTPUT UP 5.4% IN PAST WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 19.9 million short tons (mmst) of coal i ...
Thursday, 03 April 14
PANAMAX SECTOR IS WATCHING A SEVERE DROP IN RATES - FEARNLEYS
Handy
A further weaker sentiment for the Supras as well in both hemispheres this week with oversupply of tonnage being the major headline. Tra ...
Wednesday, 02 April 14
CHINA: ARBITRATION CLAUSES IN BILLS OF LADING UNDER CHINESE LEGAL PRACTICE - SKULD
KNOWLEDGE TO ELEVATE
Successful incorporation of a charterparty arbitration clause into the bills of lading is not a straight forward matte ...
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- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
- Salva Resources Pvt Ltd - India
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- Anglo American - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- MS Steel International - UAE
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Sree Jayajothi Cements Limited - India
- Energy Link Ltd, New Zealand
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- Bulk Trading Sa - Switzerland
- Cigading International Bulk Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- Electricity Authority, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- Ceylon Electricity Board - Sri Lanka
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- Economic Council, Georgia
- Parliament of New Zealand
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- The State Trading Corporation of India Ltd
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- Australian Coal Association
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- Barasentosa Lestari - Indonesia
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- Bhatia International Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- Renaissance Capital - South Africa
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- McConnell Dowell - Australia
- The University of Queensland
- Altura Mining Limited, Indonesia
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- Meralco Power Generation, Philippines
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- Global Coal Blending Company Limited - Australia
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- White Energy Company Limited
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Attock Cement Pakistan Limited
- Siam City Cement - Thailand
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
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