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Saturday, 06 September 14
DRY BULK MARKET'S PROSPECTS ARE IMPROVING, DESPITE WEAK SECOND QUARTER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
 The dry bulk market has been rebounding during the past month, with the Baltic Dry Index (BDI) ended the week on a high note, reaching 1,155 points, a much better performance than the one noted during the past few months, when it had reached levels well below the 800-point mark. According to a recent market analysis provided by dry bulk ship owners Golden Ocean, “the second quarter took the dry bulk industry by surprise. It did not live up to expectations forecasted by most analysts following the sector.
Capesize vessels earned on average $11,900 per day compared to $16,300 per day the previous quarter. This is still almost twice as much as the same quarter in 2013. The Panamax segment was even a bigger disappointment and earned on average $6,300 per day which was even lower than the same quarter previous year”.
Golden Ocean noted that “Chinese steel production has grown by approximately six percent in the first half of 2014 from the previous six month period, which was in line or even above the consensus forecast. Analysts have also been right in their fleet growth assumptions, so the relatively disappointing fleet utilization has to be explained by other reasons. Continued weak Chinese coal and bauxite import has meant a plentiful supply of Panamaxes to put pressure on Capesize through ratios in the coal trade. Coal demand from China has been considerably lower than anticipated due to more available hydro power and increased use of natural gas.
Chinese imports and production of thermal coal each declined by one percent in the first half of 2014 compared to the first half of 2013. In addition, the ban on exports put in place by the Indonesian Government for nickel ore and bauxite, and a relatively moderate South American grain season did not support the smaller segments which again have a negative impact on Capesizes. China has been drawing down on bauxite and nickel ore inventories for the last six months and unless the ban is lifted sourcing has to take place from longer distances”, said the ship owner.
It added that “iron ore, which is the main demand driver for the Capesize segment, has lived up to its expectations. China alone imported 457 million mt in the first half of the year, representing an increase of 19 percent year on year. The three major suppliers in Australia (Rio Tinto, BHP and FMG) have pushed forward their expansion plans and are expected to add another 130 million mt of extra commodity this year.
Brazil is also adding capacity and if the country is going to reach its target of 350 million mt for 2014 a ramp up has to take place in the second half of 2014. This should support the freight market given the longer sailing distances to Far East. Prices of international ore have been under pressure and should support imports versus domestic Chinese production going forward”.
According to Golden Ocean, “approximately 11 million dwt of new dry bulk capacity was delivered during the second quarter of 2014, compared to 16 million dwt the previous quarter. Scrapping has been fairly stable and four million dwt was removed from the tonnage list last quarter. As a consequence of a softer freight market, ordering of new vessels came down compared to the previous quarter.
Available data is showing that orders for 14 million dwt of new capacity were signed during the second quarter of 2014, half of what was reported during the first quarter of 2014. The present order book represents approximately 19 percent of the existing fleet”.
Meanwhile, according to the owner, “after several quarters of steady rise in asset values, prices corrected down. The Capesizes however were holding better up than the smaller segments and according to sale and purchase brokers modern vessels (maximum 5 years old) were priced three percent lower by the end of June compared to end of March 2014, while Panamaxes and Supramaxes lost between 5 and 10 percent compared to end of March 2014, depending on age and country where built.
The positive development in newbuilding prices seems to have had a halt in the quarter and a minor negative correction has been observed”, it concluded.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Wednesday, 13 August 14
WEEKLY MARKET INSIGHT - KONSTANTINOS KONTOMICHIS SNP BROKER
Being at the peak of the holiday season, August is, as usual, the quietest month in terms of snp transactions, yet it is also a time very critical ...
Wednesday, 13 August 14
WHAT DOES PROJECT CARGO REALLY MEAN TO INSURERS?
KNOWLEDGE TO ELEVATE
Richard Kamppari-Baker, claims manager of FP Marine Risks, explains the challenges of project cargo risk assessment from ...
Wednesday, 13 August 14
INDONESIAN COAL PRICE REFERENCE FALL AGAIN CLOSE TO 57 MONTHS LOWS
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price in August. HBA for the month of A ...
Monday, 11 August 14
LARGEST CHINESE TRADE SURPLUS EVER RECORDED IN JULY - BIMCO
China recorded a trade surplus of USD 47.3 billion in July 2014. The record high surplus came on the back of very strong export growth while import ...
Monday, 11 August 14
INDONESIAN THERMAL COAL SWAPS SEEING SOME POSITIVE TREND
COALspot.com: Indonesian coal swaps for average September 2014 increased US$ 0.20 (+0.36%) day on day and US$ 1.30 (+2.41%) per mt week on week. Th ...
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- Orica Australia Pty. Ltd.
- LBH Netherlands Bv - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- San Jose City I Power Corp, Philippines
- Sojitz Corporation - Japan
- Star Paper Mills Limited - India
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- Bharathi Cement Corporation - India
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- Aditya Birla Group - India
- Renaissance Capital - South Africa
- Marubeni Corporation - India
- Wood Mackenzie - Singapore
- Eastern Energy - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- CIMB Investment Bank - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Miang Besar Coal Terminal - Indonesia
- Interocean Group of Companies - India
- Sree Jayajothi Cements Limited - India
- Videocon Industries ltd - India
- Straits Asia Resources Limited - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Australian Coal Association
- Economic Council, Georgia
- Wilmar Investment Holdings
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- Mercator Lines Limited - India
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- Electricity Generating Authority of Thailand
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GVK Power & Infra Limited - India
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- ASAPP Information Group - India
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- Ministry of Finance - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- Ministry of Mines - Canada
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- GMR Energy Limited - India
- Global Green Power PLC Corporation, Philippines
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- Timah Investasi Mineral - Indoneisa
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- Independent Power Producers Association of India
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Heidelberg Cement - Germany
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- Malabar Cements Ltd - India
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- Minerals Council of Australia
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Planning Commission, India
- Africa Commodities Group - South Africa
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- McConnell Dowell - Australia
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