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Monday, 21 April 14
DRY BULK MARKET UPS AND - MOST RECENTLY - DOWNS OFFERS NO ROOM FOR RELAXING AMONG DRY BULK SHIP OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market's latest demise, with the market retrating once again, since the end of March, has come at a time, when most ship owners, analysts and pundits alike, were looking towards 2014 being a "breakout" year, one that would solidify the market's recovery after almost five years in the doldrums, amid a hefty orderbook and modest demand. So far, those projections seem far off, at least from the market's point of view. Of course, all this could change in a couple of monhts, but for the time being it is what it is.
In its latest weekly report, shipbroker Intermodal commented that despite the dry bulk market's negative performance, "we are witnessing asset values remaining at much higher levels than compared to those of August 2013, the same period the BDI had last visited the 1,000 level mark. At the same time the average TC is either worse than what it was back then, as in the case of Capes and Panamaxes or just a tad better, as in the case of the smaller size segments. But even in the case of Supras and Handies that experience a slightly better freight market, the second hand values are way higher than what they were 8 months ago".
SnP broker, Mr. George Iliopoulos, highlighted the example of a seven year old Panamax, which was soldd at around $18 million back in August. "The market for the same vessel today would be somewhere around USD 26 mil, while the average TC for the segment stands at around USD 6,500/day, when back in August it was around USD 7,500/day. During the past month, the number of sales candidates has increased a lot. If someone takes a closer look, they can see that, with the exception of Japanese owned vessels maybe, the majority of sales candidates are vessels that were bought at very low levels sometime between 2012 and 2013, which means that their owners are hoping to lock a good profit from selling back their vessels. A number of fifteen year old Handymax vessels that were bought between USD8mil and USD 9mil in either 2012 or 2013, are currently in the market for a price tag of around USD 13.5mil, which undoubtedly is a great return", Iliopoulos noted.
He added that "psychology, as always, is still playing a very important role for both buyers and sellers, while it is currently very difficult for anyone to make predictions, as the markets nowadays are influenced by many factors, some of which are not even explicit in the way they are linked to the shipping market. Under such circumstances, and with the freight rates being in a free fall during the past weeks, some potential buyers are more hesitant to go ahead with a purchase. At the same time, others believe that the bad performance of rates is only periodic and try to take advantage of a possible break down in the psychology of Sellers, who might have started feeling less confident than before, both because of the bad market but also due to the decreased number of potential buyers around, most of them having already made an acquisition during the past year".
Iliopoulos noted that "if we try to summarize the first quarter of 2014, we can say that in terms of freight rates the performance in the Dry Bulk market has not met the high expectations created following the mini rally at the end of last year, but at the same time there are a lot of people who firmly believe that the market will make a come-back in 2014 and freight rates will bounce back up. Evident of this optimism is the firm numbers still being achieved in the second-hand market even for older vessels, like in the case of the ‘ASIAN EXCELSIOR’ (45kdwt-blt96 Taiwan), which was very recently sold in excess of USD 11 mil.
So let’s hope that going forward the performance of freight market will follow that of the second-hand market, so that our industry gets a break and starts operating under healthier fundamentals and sustainable growth", he concluded.
It's also worth noting that in its latest short term analysis, BIMCO noted that 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. For this particular 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.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Monday, 30 June 14
WEEKLY CFR SOUTH CHINA COAL SWAPS DECLINE CONTINUES; Q1'15 LOST US$ 4.55 PMT IN A WEEK
COALspot.com: API 8 CFR South China Coal swap for delivery in Q3 fell US$ 5.25 month on month on Friday, dipping under $69 a tone. The CFR South Ch ...
Monday, 30 June 14
INDO - INDIA FREIGHT RATES CONTINUE TO WEAK
COALspot.com: The latest dry Index shows that average all-in spot freight declined, the Panamax and Supramax slipping by 9.11 percent and 4% respec ...
Friday, 27 June 14
DRY BULK MARKET STILL LOOKING FOR UPSIDE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has kept up its lacklustre performance during the past week, as evidenced by the course of the Baltic Dry Index (BDI). The BDI ...
Thursday, 26 June 14
PANAMAX : A PACIFIC ROUND PAYS AROUND US$ 3K DAILY - FEARNLEYS AS
Handy
In the Atlantic there has been little activity which again has caused rates to slip across all trades. TA´s are now down to US$ 5,500 ...
Thursday, 26 June 14
KOMIPO INVITES BIDS FOR TOTAL 750K MT OF BITUMINOUS COAL FOR 3CY
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) has issued a new tender for supply of total 250,000 MT of bituminous co ...
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- Port Waratah Coal Services - Australia
- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
- The University of Queensland
- VISA Power Limited - India
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Timah Investasi Mineral - Indoneisa
- Bhoruka Overseas - Indonesia
- London Commodity Brokers - England
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Parliament of New Zealand
- Siam City Cement - Thailand
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- Chamber of Mines of South Africa
- GN Power Mariveles Coal Plant, Philippines
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- McConnell Dowell - Australia
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- Deloitte Consulting - India
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Standard Chartered Bank - UAE
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- The State Trading Corporation of India Ltd
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- White Energy Company Limited
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- Bharathi Cement Corporation - India
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- South Luzon Thermal Energy Corporation
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- Riau Bara Harum - Indonesia
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Indika Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- Intertek Mineral Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- Economic Council, Georgia
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
- Planning Commission, India
- Minerals Council of Australia
- Eastern Energy - Thailand
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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