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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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Thursday, 08 May 14
'TRIAL BY MEDIA, TRIAL BY LAW' - A REPORT FROM TRACK 1 OF BIMCO'S ANNUAL CONFERENCE DUBAI 2014
KNOWLEDGE TO ELEVATE
Aiming to bring a very different type of event into their annual conference, BIMCO presented ‘Double Jeopardy &n ...
Thursday, 08 May 14
INDONESIAN COAL PRICE REFERENCE IN MAY CRASHES THROUGH $74
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia has revised down again the coal bench mark price by US$ 1.21 / MT to ...
Wednesday, 07 May 14
THE DRY BULK MARKET HAS NOTED ANOTHER WEEKLY POSITIVE GAIN
Chartering (Wet: Softer- / Dry: Stable+)
The Dry Bulk market has noted another weekly positive gain, driven by the Capesize segment, but we ne ...
Wednesday, 07 May 14
SGX ENHANCES ITS COMMODITIES PRODUCT OFFERING
COALspot.com: SGX is building up its bulk commodity product offerings with 9 more derivative contracts over the next 2 months, subject to regula ...
Tuesday, 06 May 14
NEWCASTLE COAL EXPORT SLIPS 7.92% WEEK ON WEEK
COALspot.com: In the week ended 07:00 hours 5 May 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland ...
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- London Commodity Brokers - England
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Carbofer General Trading SA - India
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- Coalindo Energy - Indonesia
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Thai Mozambique Logistica
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- The University of Queensland
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Deloitte Consulting - India
- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- Singapore Mercantile Exchange
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Bhatia International Limited - India
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- PTC India Limited - India
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Planning Commission, India
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Binh Thuan Hamico - Vietnam
- Coastal Gujarat Power Limited - India
- Savvy Resources Ltd - HongKong
- Intertek Mineral Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Central Electricity Authority - India
- New Zealand Coal & Carbon
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- White Energy Company Limited
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Australian Coal Association
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- ASAPP Information Group - India
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
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