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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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- Goldman Sachs - Singapore
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Bhushan Steel Limited - India
- Holcim Trading Pte Ltd - Singapore
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Transport, Egypt
- Bharathi Cement Corporation - India
- Rio Tinto Coal - Australia
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- ICICI Bank Limited - India
- Australian Coal Association
- The Treasury - Australian Government
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- Sical Logistics Limited - India
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- Eastern Coal Council - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ambuja Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Leighton Contractors Pty Ltd - Australia
- Thiess Contractors Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- Chettinad Cement Corporation Ltd - India
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- White Energy Company Limited
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Electricity Authority, New Zealand
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- CNBM International Corporation - China
- Indian Energy Exchange, India
- Australian Commodity Traders Exchange
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- Vedanta Resources Plc - India
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- MS Steel International - UAE
- Ministry of Mines - Canada
- Jindal Steel & Power Ltd - India
- Orica Australia Pty. Ltd.
- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Central Electricity Authority - India
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- Heidelberg Cement - Germany
- PTC India Limited - India
- Independent Power Producers Association of India
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Coal and Oil Company - UAE
- The State Trading Corporation of India Ltd
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- Borneo Indobara - Indonesia
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Agrawal Coal Company - India
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- Aditya Birla Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- Videocon Industries ltd - India
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
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