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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, 07 April 14
API 8 CFR SOUTH CHINA COAL SWAPS GAINED 2.09% M-O-M
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 deliveries gained 2.09 percent month on month and closed at US$ 75.68 per ...
Sunday, 06 April 14
THE FREIGHT MARKET KEEPS SLIDING
COALspot.com: The freight market continued to drop this week. The BDI (Baltic Dry Index) is a widely followed metric that reflects the overall r ...
Friday, 04 April 14
UNITED STATES COAL OUTPUT UP 5.4% IN PAST WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 19.9 million short tons (mmst) of coal i ...
Thursday, 03 April 14
PANAMAX SECTOR IS WATCHING A SEVERE DROP IN RATES - FEARNLEYS
Handy
A further weaker sentiment for the Supras as well in both hemispheres this week with oversupply of tonnage being the major headline. Tra ...
Wednesday, 02 April 14
CHINA: ARBITRATION CLAUSES IN BILLS OF LADING UNDER CHINESE LEGAL PRACTICE - SKULD
KNOWLEDGE TO ELEVATE
Successful incorporation of a charterparty arbitration clause into the bills of lading is not a straight forward matte ...
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- White Energy Company Limited
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- London Commodity Brokers - England
- Antam Resourcindo - Indonesia
- Bharathi Cement Corporation - India
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Georgia Ports Authority, United States
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- Mercator Lines Limited - India
- Bayan Resources Tbk. - Indonesia
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- Wilmar Investment Holdings
- Pipit Mutiara Jaya. PT, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Mjunction Services Limited - India
- Indian Energy Exchange, India
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- McConnell Dowell - Australia
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Aditya Birla Group - India
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- Straits Asia Resources Limited - Singapore
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- Bhushan Steel Limited - India
- Indika Energy - Indonesia
- TeaM Sual Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- Jaiprakash Power Ventures ltd
- Renaissance Capital - South Africa
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- Africa Commodities Group - South Africa
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- India Bulls Power Limited - India
- The University of Queensland
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- Deloitte Consulting - India
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- Parliament of New Zealand
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- Timah Investasi Mineral - Indoneisa
- Posco Energy - South Korea
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- PTC India Limited - India
- Eastern Coal Council - USA
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- Singapore Mercantile Exchange
- VISA Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
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