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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, 25 April 14
US PRODUCED APPROXIMATELY 19 MILLION SHORT TONS OF COAL IN A WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 19.0 million short tons (mmst) of coal i ...
Friday, 25 April 14
2ND MYANMAR ELECTRIC POWER CONVENTION 2014 IS THE GATEWAY TO MYANMAR POWER INDUSTRY!
Press Release: 2nd Myanmar Electric Power Convention (MEPC) 2014 is scheduled on 21-23 October, 2014 at Traders Hotel in Yangon, Myanmar. MEPC o ...
Friday, 25 April 14
DRY BULK MARKET LOOKING FOR NEW TRACTION - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market seems to have gained its footing after the past few dissapointing weeks, during which the Baltic Dry Index (BDI) shedded mos ...
Thursday, 24 April 14
HANDY : A FLOW OF FRESH REQUIREMENTS LIFTING THE PACIFIC SLOWLY TO US$ 10-11 K BSS SINGAPORE FOR COAL ROUNDS
Handy
There is still no place to hide in the Atlantic for the smaller but flexible sizes. Slow and weak seems to be the headlines, although th ...
Wednesday, 23 April 14
EUROPE WOULD BE HARD PRESSED TO REPLACE RUSSIAN GAS, FITCH RATINGS SAYS
A ban on Russian gas imports to the EU would cause substantial disruption to Europe's economy and industry, Fitch Ratings says. In the immed ...
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- Toyota Tsusho Corporation, Japan
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- Vijayanagar Sugar Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Posco Energy - South Korea
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- The Treasury - Australian Government
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- Bhushan Steel Limited - India
- Global Business Power Corporation, Philippines
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- Sarangani Energy Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- Coal and Oil Company - UAE
- Minerals Council of Australia
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Australian Coal Association
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- LBH Netherlands Bv - Netherlands
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- Eastern Coal Council - USA
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- Central Java Power - Indonesia
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indogreen Group - Indonesia
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- Parry Sugars Refinery, India
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Power Finance Corporation Ltd., India
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- GVK Power & Infra Limited - India
- Bharathi Cement Corporation - India
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- Georgia Ports Authority, United States
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Samtan Co., Ltd - South Korea
- Vedanta Resources Plc - India
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- Economic Council, Georgia
- Cement Manufacturers Association - India
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- IEA Clean Coal Centre - UK
- Mjunction Services Limited - India
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- OPG Power Generation Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- Agrawal Coal Company - India
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- Mercuria Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
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