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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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Thursday, 20 March 14
CAPESIZE: WEST AUSTRALIA TO CHINA RATES HAVE CLIMBED BACK TOWARD USD 11 PMT - FEARNRESEARCH
Handy
From a slight improvement in the Atlantic to a more mixed picture this mid week. North Atlantic rounds showing softening signs whereas S ...
Wednesday, 19 March 14
INSTEAD OF DECIDING WHETHER THE GLASS IS HALF FULL OR HALF EMPTY, I AM CURRENTLY GLAD THERE IS WATER IN THE GLASS - EVA TZIMA
By Eva Tzima
Research Analyst
Intermodal Research & Valuations
Right when you think that you have all your facts straight, right wh ...
Wednesday, 19 March 14
EUROCOKE SUMMIT 2014
Press Release: ThyssenKrupp, Steel Institute VDEh, SSI and more headline Smithers Apex’s Eurocoke Summit
The leading coke, coal and s ...
Wednesday, 19 March 14
DRY BULK MARKET REBOUND LEADS TO MORE NEWBUILDING ORDERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The steady rise of the dry bulk market, as evidenced by the return, yesterday, of the Baltic Dry Index above the 1,500-point mark (1,518), is fu ...
Tuesday, 18 March 14
SECOND QUARTER SUB-BIT FOB INDONESIA COAL SWAP LOST 3.27% IN A MONTH
COALspot.com – Indonesia, the world’s largest exporter of the thermal coal's swaps for delivery April - June 2014 gained this pa ...
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- Kumho Petrochemical, South Korea
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- Iligan Light & Power Inc, Philippines
- Aditya Birla Group - India
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Central Electricity Authority - India
- MS Steel International - UAE
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- Bhushan Steel Limited - India
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Gujarat Mineral Development Corp Ltd - India
- Medco Energi Mining Internasional
- Banpu Public Company Limited - Thailand
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Bhoruka Overseas - Indonesia
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Oldendorff Carriers - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Ambuja Cements Ltd - India
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Minerals Council of Australia
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- Bukit Asam (Persero) Tbk - Indonesia
- Planning Commission, India
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- Kaltim Prima Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- Coastal Gujarat Power Limited - India
- Energy Development Corp, Philippines
- Indika Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Cement Manufacturers Association - India
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Asmin Koalindo Tuhup - Indonesia
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- ICICI Bank Limited - India
- Sarangani Energy Corporation, Philippines
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Mines - Canada
- Holcim Trading Pte Ltd - Singapore
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
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