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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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Friday, 30 May 14
US COAL PRODUCTION RELATIVELY FLAT WEEK ON WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 18.6 million short tons (mmst) of coal in a ...
Thursday, 29 May 14
PEABODY ENERGY CHAIRMAN RECEIVES WCA AWARD
The World Coal Association has presented Gregory H. Boyce, Chairman and Chief Executive Officer of Peabody Energy (NYSE: BTU), with the 2014 Chairm ...
Thursday, 29 May 14
HANDY : THE SUPRAS ARE BEING TRADED AROUND 13K FOR SHORTER UPTO 1 YEAR PERIOD
Handy
The week started off with bank holidays in London and very little happening. This trend has continued and we believe it will continue into ...
Wednesday, 28 May 14
THE DRY BULK MARKET REMAINED UNDER PRESSURE - INTERMODAL
COALspot.com: The Dry Bulk market remained under pressure during this past week, with all indices pointing down compared to the previous Friday. Th ...
Tuesday, 27 May 14
PORT OF NEWCASTLE SHIPPED 19.13% LESS COAL THIS PAST WEEK
COALspot.com: In the week ended 07:00 hours 26 May 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, ...
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- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
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- Meralco Power Generation, Philippines
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
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- Cement Manufacturers Association - India
- Simpson Spence & Young - Indonesia
- The University of Queensland
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- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kohat Cement Company Ltd. - Pakistan
- Chamber of Mines of South Africa
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- Metalloyd Limited - United Kingdom
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- Eastern Energy - Thailand
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- Georgia Ports Authority, United States
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- The State Trading Corporation of India Ltd
- Bhushan Steel Limited - India
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- Thiess Contractors Indonesia
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- Independent Power Producers Association of India
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- Directorate General of MIneral and Coal - Indonesia
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
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- Heidelberg Cement - Germany
- White Energy Company Limited
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
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- Bukit Baiduri Energy - Indonesia
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- Tamil Nadu electricity Board
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- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- ICICI Bank Limited - India
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- Marubeni Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
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- Manunggal Multi Energi - Indonesia
- Borneo Indobara - Indonesia
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Link Ltd, New Zealand
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- Indian Oil Corporation Limited
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Minerals Council of Australia
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- Orica Mining Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Meenaskhi Energy Private Limited - India
- Standard Chartered Bank - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
- Kobexindo Tractors - Indoneisa
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Jaiprakash Power Ventures ltd
- Kaltim Prima Coal - Indonesia
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- Posco Energy - South Korea
- CNBM International Corporation - China
- Agrawal Coal Company - India
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- Planning Commission, India
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- Australian Coal Association
- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Indika Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
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- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Port Waratah Coal Services - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Authority, New Zealand
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Central Electricity Authority - India
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