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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, 12 May 14
TAIPOWER TO IMPORT AROUND 1 MMT OF SUB-BITUMINOUS COAL DURING AUGUST 2014 THROUGH NOVEMBER 2014
COALspot.com - Taiwan Power Company intends to procure 1.050 million tons of sub-bituminous coal for Taipower thermal power plant through open t ...
Monday, 12 May 14
DRY BULK MARKET IS STILL STRUGGLING TO FIND FIRM FOOTING
COALspot.com: The freight market continued to be weak and the BDI closed slightly lower at 997 points or fell 1.96 pct week on week. The cape in ...
Friday, 09 May 14
RBCT SHIPPED 5.4 MMT OF COAL IN APRIL
COALspot.com: South Africa's Richards Bay Coal Terminal (RBCT) the single largest coal export terminal in the world, shipped 5.45 million to ...
Friday, 09 May 14
DRY BULK MARKET: BANKRUPTCY TONNAGE UNLEASHED
Drewry’s latest Dry Bulk Forecaster saw freight rates on most routes declined in 2014’s first quarter as the previous quarter’ ...
Friday, 09 May 14
UNITED STATES COAL PRODUCTION SLIGHTLY SLIDES TO 82.4 MMST IN APRIL
COALspot.com – United States the world's second largest coal producer, produced approximately 18.8 million short tons (mmst) of coal i ...
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- Sinarmas Energy and Mining - Indonesia
- Deloitte Consulting - India
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- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- MS Steel International - UAE
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
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- GN Power Mariveles Coal Plant, Philippines
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
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- Port Waratah Coal Services - Australia
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- Bhoruka Overseas - Indonesia
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- Electricity Authority, New Zealand
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- Price Waterhouse Coopers - Russia
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- Energy Development Corp, Philippines
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- Wood Mackenzie - Singapore
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- Directorate Of Revenue Intelligence - India
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
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- Bahari Cakrawala Sebuku - Indonesia
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- Wilmar Investment Holdings
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- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
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- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Aditya Birla Group - India
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- The University of Queensland
- Videocon Industries ltd - India
- Romanian Commodities Exchange
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- Africa Commodities Group - South Africa
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- The Treasury - Australian Government
- Kumho Petrochemical, South Korea
- Orica Australia Pty. Ltd.
- CIMB Investment Bank - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Central Java Power - Indonesia
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- Sree Jayajothi Cements Limited - India
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
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- Indogreen Group - Indonesia
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
- Metalloyd Limited - United Kingdom
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- Bhatia International Limited - India
- Trasteel International SA, Italy
- Merrill Lynch Commodities Europe
- GMR Energy Limited - India
- Borneo Indobara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- Planning Commission, India
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
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- Ministry of Transport, Egypt
- Gujarat Electricity Regulatory Commission - India
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- Holcim Trading Pte Ltd - Singapore
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- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
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- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Eastern Coal Council - USA
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
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- Economic Council, Georgia
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- Indonesian Coal Mining Association
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