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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, 13 March 14
HANDY: THE FAR EAST MARKET IS IN AN UPWARD TREND - FEARNRESEARCH
Handy
Atlantic is a bit under pressure for spot tonnage, but the underlying sentiment is positive for the short medium future. 2-3 legs are do ...
Thursday, 13 March 14
MARKET INSIGHT - CHRISTOPHER T. WHITTY
By Christopher T. Whitty
Marketing Manager
Cotzias Intermodal Shipping Inc.
During the last year we have noticed that a fair number of ...
Wednesday, 12 March 14
ADARO ENERGY IMPROVES EFFICIENCY AND GENERATED STRONG EBITDA IN 2013
COALspot.com: PT Adaro Energy Tbk, Indonesia's single largest coal miner posted revenue of US$ 3.28 billion and cost of revenue of US$ 2.54 ...
Wednesday, 12 March 14
DGOMC OF INDONESIA REVISED DOWN THE BENCHMARK PRICES FOR COAL BY 4.26% IN MARCH
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia has revised down the government's declared coal bench mark price ...
Wednesday, 12 March 14
DRY BULK VESSELS STILL THE CREAM OF THE CROP FOR SHIP OWNERS
Dry bulk carriers have remained the most popular vessel type among ship owners as proven by the sheer number of second hand vessel sales and new ...
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- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- The University of Queensland
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- Minerals Council of Australia
- Essar Steel Hazira Ltd - India
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- Orica Australia Pty. Ltd.
- Power Finance Corporation Ltd., India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- Ministry of Mines - Canada
- Neyveli Lignite Corporation Ltd, - India
- Indian Oil Corporation Limited
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- Bangladesh Power Developement Board
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- Latin American Coal - Colombia
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- Siam City Cement PLC, Thailand
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- Kaltim Prima Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- Mercator Lines Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- Bhushan Steel Limited - India
- Aditya Birla Group - India
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- CNBM International Corporation - China
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- Rashtriya Ispat Nigam Limited - India
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- Karaikal Port Pvt Ltd - India
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- White Energy Company Limited
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Thai Mozambique Logistica
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- Medco Energi Mining Internasional
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- Videocon Industries ltd - India
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- Georgia Ports Authority, United States
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