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Thursday, 01 May 14
DRY BULK MARKET STILL REELING UNDER PRESSURE FROM VARIOUS FACTORS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market's revival is still overdue, as the industry's benchmark, the BDI is still lagging below the 1,000-point mark. In fact, the market hasn't yet experienced not even a small positive correction, as many were expecting and as it seems, it will still take sometime before something like that occurs. According to the latest report by shipbroker Intermodal, "while the freight market for dry bulkers still remains weak, additional issues are weighing on rates as well; one of them being the recently reported difficulties faced by most of the top Shandong Soybean importers to obtain L/Cs from the banks, which drove them to cancel a number of contracts. It is also worth mentioning that, together with them, other private coal traders based in Guangdong seem to be facing similar difficulties in concluding import contracts as well".
The company's SnP Broker, Christos Trageas added that "the poor freight market has also been quickly affecting the activity in the SnP market, as compared to the last months we see less and less Buyers interested in acquiring second hand tonnage. At the same time, the few Buyers that are still inspecting, are offering well below the levels of the last done sales. As a result, they either push Sellers to withdraw their ships from the market altogether or invite interested parties to a second round of inspections at a later port call, hopping to gain some time before the market starts improving again.
A good example of the above, is a Japanese controlled 2002 Imabari built Panamax vessel, which was on the market for sale, however rumors are saying that only two parties proceeded with an inspection and that the figures they offered were not even close to Sellers ideas, so Owners decided to keep her on the market and invite a second round of inspections. A similar case is that of a 2002 built Handymax , which was reported sold last week; however we understand that the vessel still remains free and Owners are once again inviting inspections at the next port call", Trageas said.
According to Intermodal's broker, "a similar case of downward pointing prices is also being witnessed in the resale market, where Owners, who had contracted their ships sometime during the beginning of 2013 at fairly low levels (compared to recent deals), tried to get advantage from the firming prices of the last months by selling their tonnage. As a result we witnessed an overwhelming amount of resale tonnage in the market, even by top quality shipyards, which caused an inevitable oversupply especially as Buyers started to step back from further purchases".
He added that "in the newbuilding market we are seeing some slots opening, as it seems that certain Buyers didn't exercise their options, but these are only a few, especially for reputable shipyards, and newbuilding prices currently appear fairly shielded by the bad performance of the market at this stage. Unfortunately for Sellers, today’s market is not very promising and it seems that, if they do remain Sellers, they will have to compromise and drop their ideas, so that the sale price conforms to the current freight environment. On the other hand, if you are a Buyer today, this could possibly be the correction you have been waiting for to help you get back in the game before another round of firming second hand prices washes over the market 2013 style", Mr. Trageas concluded.
In a separate note earlier, shipbroker Golden Destiny had mentioned that "threatening element for dry bulk outlook is estimations for a slower global steel demand for this year. According to the World Steel Association, global demand is expected to rise 3.1% in 2014 to 1.52bn tons - down from growth of 3.6% last year and increase slightly in 2015 by 3.3%. The WSA said Chinese demand for the commodity would rise just 3% in 2014 to 721m tons, compared with growth of 6.1% recorded last year. In 2015, Chinese demand growth is expected to slow further to 2.7%. However, demand for steel in developed economies is forecast to grow 2.5% in 2014, following a contraction of 0.3% last year. The US is forecast to make a strong recovery, with steel demand expected to grow 4% to 99.4m tons, on the back of a pick-up in construction activity and manufacturing. European demand is forecast to rise 3.1% this year, following a contraction of 0.2% in 2013", Golden Destiny concluded.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Sunday, 13 April 14
INDONESIA TO INDIA FREIGHT MARKET DECLINE CONTINUES
COALspot.com: The freight market continued to drop this week and BDI almost touched 1000 points. BDI closed at 1002 points fell 16.85 pct week o ...
Saturday, 12 April 14
HOW DO YOU CALCULATE LOSS OF EARNINGS FOLLOWING A COLLISION? - INCE & CO
KNOWLEDGE TO ELEVATE
The recent case of Astipalaia vs Hanjin Shenzhen [2014] EWHC 120 (Admlty) has revisited the existing case law on asses ...
Friday, 11 April 14
US COAL PRODUCTION IN MARCH INCREASED 9.69% TO 82.6 MMST MONTH ON MONTH
COALspot.com – United States the world's second largest coal producer, produced approximately 19.10 million short tons (mmst) of coal ...
Thursday, 10 April 14
DRY BULK MARKET IS RISING CLAIMS BIMCO - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
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 i ...
Wednesday, 09 April 14
DRY BULK MARKET STRUGGLED THROUGHOUT THE WEEK - INTERMODAL
The Dry Bulk market struggled throughout the week but the poor performance across the board didn't allow for any positive reversal, pushing ...
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- Kartika Selabumi Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
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- Parliament of New Zealand
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- Commonwealth Bank - Australia
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- Bulk Trading Sa - Switzerland
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- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- Larsen & Toubro Limited - India
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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- Mercuria Energy - Indonesia
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- Eastern Energy - Thailand
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- Deloitte Consulting - India
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- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Sarangani Energy Corporation, Philippines
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- Australian Coal Association
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- Xindia Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- White Energy Company Limited
- Semirara Mining Corp, Philippines
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- PowerSource Philippines DevCo
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
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- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- New Zealand Coal & Carbon
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- Independent Power Producers Association of India
- Sinarmas Energy and Mining - Indonesia
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Alfred C Toepfer International GmbH - Germany
- Sical Logistics Limited - India
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
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- The University of Queensland
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- Gujarat Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
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- Energy Development Corp, Philippines
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- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- Aboitiz Power Corporation - Philippines
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
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- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Salva Resources Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- Videocon Industries ltd - India
- Minerals Council of Australia
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
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- CNBM International Corporation - China
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- IEA Clean Coal Centre - UK
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- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
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- Directorate Of Revenue Intelligence - India
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- Vedanta Resources Plc - India
- Romanian Commodities Exchange
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- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
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