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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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Sunday, 23 March 14
THE COAL FREIGHT RATES SEEN SLIGHTLY FIRMING UP THIS WEEK - REDDY
COALspot.com: The freight market firmed up this week. BDI was up 8.26 pct week on week and index was closed at 1599 points. The Cape index was u ...
Saturday, 22 March 14
SHIP OWNERS INVEST $15 BILLION FOR NEWBUILDINGS AND SECONDHAND VESSELS DURING FEBRUARY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Ship owners have kept on their aggressive stance in the investment scene both for newbuildings, as well as for secondhand vessels globally durin ...
Friday, 21 March 14
DRY BULK MARKET STAYS ON RECOVERY MODE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has reached new year heighs, as a result of renewed Capesize demand. The Baltic Dry Index (BDI) ended yesterday's sessio ...
Friday, 21 March 14
US COAL PRODUCTION UP 1.5%; WEST MISSISSIPPI COAL PRODUCTION DOWN 1.85% WEEK ON WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 19.0 million short tons (mmst) of coal i ...
Friday, 21 March 14
MERCURIA ANNOUNCES ACQUISITION OF J.P. MORGAN PHYSICAL COMMODITIES BUSINESS
COALspot.com: Mercuria Energy Group announced that it has reached a definitive agreement with J.P. Morgan Chase & Co. to acquire its physica ...
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- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- Bulk Trading Sa - Switzerland
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- Power Finance Corporation Ltd., India
- Bhatia International Limited - India
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- Orica Mining Services - Indonesia
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Larsen & Toubro Limited - India
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- Indian Energy Exchange, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Neyveli Lignite Corporation Ltd, - India
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- Mjunction Services Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- Ceylon Electricity Board - Sri Lanka
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- CNBM International Corporation - China
- Jorong Barutama Greston.PT - Indonesia
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Agrawal Coal Company - India
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- Medco Energi Mining Internasional
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- Semirara Mining Corp, Philippines
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- Thai Mozambique Logistica
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- Edison Trading Spa - Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- Ministry of Finance - Indonesia
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- Riau Bara Harum - Indonesia
- SMC Global Power, Philippines
- San Jose City I Power Corp, Philippines
- Commonwealth Bank - Australia
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- PowerSource Philippines DevCo
- VISA Power Limited - India
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- The University of Queensland
- Indonesian Coal Mining Association
- Indian Oil Corporation Limited
- Pendopo Energi Batubara - Indonesia
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- Jindal Steel & Power Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
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