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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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Wednesday, 02 April 14
BPI BREAKING BELOW THE 1,000 PSYCHOLOGICAL LEVELS - INTERMODAL
Any resistance put forth by the Dry Bulk market the week prior was succumbed this time round. All indices slid and losses were noted across the ...
Tuesday, 01 April 14
NEWCASTLE PORT SHIPPED 11.95 MILLION TONS OF COAL IN MARCH 2014
COALspot.com: In the week ended 31 March 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, total 2 ...
Monday, 31 March 14
SHIPPING CONFIDENCE HITS HIGHEST LEVEL SINCE 2008 - MOORE STEPHENS
Overall confidence levels in the shipping industry rose to their highest level for almost six years in the three-month period to February 2014, ...
Monday, 31 March 14
COAL SWAP FOR Q1 2015 DELIVERY HAS CLOSED 4.76% HIGHER COMPARED Q2 14 CLOSING
COALspot.com – Indonesia, the world’s largest exporter of the thermal coal's swaps for delivery April - June 2014 gained this pa ...
Monday, 31 March 14
CFR SOUTH CHINA COAL SWAP FOR Q2 14 DELIVERY LOST 1.17% M-O-M
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 deliveries lost 1.17 percent month on month and closed at US$ 75.38 per m ...
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- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Australian Coal Association
- White Energy Company Limited
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- Standard Chartered Bank - UAE
- Oldendorff Carriers - Singapore
- Global Business Power Corporation, Philippines
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- Malabar Cements Ltd - India
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Makarim & Taira - Indonesia
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Borneo Indobara - Indonesia
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Trasteel International SA, Italy
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- Coastal Gujarat Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- The State Trading Corporation of India Ltd
- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Central Java Power - Indonesia
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- Electricity Authority, New Zealand
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMG Consultants - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- Mjunction Services Limited - India
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- San Jose City I Power Corp, Philippines
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Mines - Canada
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Economic Council, Georgia
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- PowerSource Philippines DevCo
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Indo Tambangraya Megah - Indonesia
- Riau Bara Harum - Indonesia
- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Parliament of New Zealand
- Baramulti Group, Indonesia
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Gujarat Mineral Development Corp Ltd - India
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- Vizag Seaport Private Limited - India
- Africa Commodities Group - South Africa
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- Ind-Barath Power Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- Samtan Co., Ltd - South Korea
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
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