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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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Sunday, 20 April 14
FREIGHT RATES END WEEK ON WEAK NOTE - VISTAAR
Wish you all Happy Easter.
The freight market continued to its downwards as BDI was fell 7.187 percent to 930 points week on week.
The ...
Friday, 18 April 14
US WEEKLY COAL PRODUCTION DECLINED BY 1% TO 18.9 MMST
COALspot.com – United States the world's second largest coal producer, produced approximately 18.9 million short tons (mmst) of coal i ...
Thursday, 17 April 14
DRY BULK MARKET ON RETREAT MODE, WHILE NEWBUILDING ORDERING ACTIVITY STALLS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has kept on retreating this week, a pattern which emerged since late March. Yesterday the BDI (Baltic Dry Index) ended yet a ...
Wednesday, 16 April 14
INDONESIA'S FEBRUARY 2014 COAL EXPORT VOLUME FELL 2.41%
COALspot.com: Indonesia, the world 4th largest coal producer and the global largest multi grade coal exporter shipped around $1.77* billio ...
Wednesday, 16 April 14
Q1 2014 : TERMS OF FREIGHT RATES THE PERFORMANCE IN THE DRY BULK MARKET HAS NOT MET THE HIGH EXPECTATIONS - INTERMODAL
This year the dates for the celebration of Easter will coincide for the Orthodox and the Catholic, so we are already seeing most people in the m ...
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- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Star Paper Mills Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- India Bulls Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- Ceylon Electricity Board - Sri Lanka
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- Meralco Power Generation, Philippines
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ministry of Finance - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- Planning Commission, India
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- Borneo Indobara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Goldman Sachs - Singapore
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- Economic Council, Georgia
- Baramulti Group, Indonesia
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Altura Mining Limited, Indonesia
- Banpu Public Company Limited - Thailand
- Eastern Energy - Thailand
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- Mjunction Services Limited - India
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- Directorate Of Revenue Intelligence - India
- London Commodity Brokers - England
- ASAPP Information Group - India
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Energy Link Ltd, New Zealand
- Indika Energy - Indonesia
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Larsen & Toubro Limited - India
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- The Treasury - Australian Government
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
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