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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, 09 June 14
INDO SUB-BIT COAL SWAPS FOR Q3,Q4 OF 2014 AND Q1 2015: LOST ON DAY AND MONTH
COALspot.com: Indonesian coal swaps for average Q3’ 2014 continue last week’s trend or lost on day, week and on month according to Asia ...
Monday, 09 June 14
API 8 CFR SOUTH CHINA COAL SWAP Q3 14 DELIVERIES LOST 4.61% M-O-M
COALspot.com: API 8 CFR South China Coal swaps for average Q3 14 deliveries lost 4.61 percent month on month and closed at US$ 71.62 per mt a ...
Sunday, 08 June 14
DRY BULK MARKET RATES FOR PANAMXES TO REMAIN VOLATILE; NO IMPROVEMENTS SEEN OVER THE WEEK
COALspot.com: Cape index increase pushes BDI index to 989 points week on week. The BDI firmed up by 5.88 pct and closed at 989 points week ended 6 ...
Saturday, 07 June 14
EVERYTHING CHANGES, AND NOTHING ABIDES - HERACLITUS
A couple of weeks ago, and while everyone was focusing on the struggling freight market, Russia and China made history by signing a three-decade lo ...
Saturday, 07 June 14
FIRST BITE AT ANTI-CORRUPTION CLAUSE - BIMCO
In recent years a number of countries have introduced anti-corruption legislation which, unfortunately, fails to recognise the practical implicatio ...
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- Neyveli Lignite Corporation Ltd, - India
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- Power Finance Corporation Ltd., India
- Posco Energy - South Korea
- Australian Coal Association
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- Africa Commodities Group - South Africa
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- Bharathi Cement Corporation - India
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
- Star Paper Mills Limited - India
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- London Commodity Brokers - England
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- GMR Energy Limited - India
- Semirara Mining Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- Intertek Mineral Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kumho Petrochemical, South Korea
- Rio Tinto Coal - Australia
- Global Green Power PLC Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- Central Java Power - Indonesia
- Carbofer General Trading SA - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- Gujarat Sidhee Cement - India
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- The Treasury - Australian Government
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- Tamil Nadu electricity Board
- Indonesian Coal Mining Association
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Coalindo Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Central Electricity Authority - India
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- Minerals Council of Australia
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- Tata Chemicals Ltd - India
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- VISA Power Limited - India
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Bhushan Steel Limited - India
- Thiess Contractors Indonesia
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