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