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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, 30 July 14
CAPES SEEMED TO BE STRANDED AT THE SAME LEVELS; PANAMAXES MANAGED TO SLIGHTLY REVIVE - INTERMODAL
COALspot.com: The Dry Bulk market took a breath this past week, as both Panamaxes and Supras started to see a small influx of activity, which was j ...
Tuesday, 29 July 14
TOTAL SELLS ITS SOUTH AFRICAN COAL MINING ASSETS TO EXXARO
Total has signed an agreement with Exxaro Resources Ltd for the sale of its 100% stake in Total Coal South Africa (TCSA), its coal-producing affili ...
Tuesday, 29 July 14
GENCO: DRY BULK SHIPPING VALUATIONS NO LONGER ANCHORED TO DISCOUNTED CASH FLOW METHOD - WEIL
KNOWLEDGE TO ELEVATE
Discounted cash flow analysis is a mainstay among the valuation methodologies used by restructuring professionals and bank ...
Tuesday, 29 July 14
SHIP OWNERS' DEMAND OF NEW VESSELS DENTED AS A RESULT OF LOWER FREIGHT RATES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The sharp downward direction of dry bulk freight rates has had a negative impact on investors’ secondhand buying appetite that wait to see th ...
Monday, 28 July 14
Q3' 14, SUB-BIT FOB INDONESIA COAL SWAP GAINED $ 0.08 DAY ON DAY AND $ 0.68 WEEK ON WEEK
COALspot.com: Indonesian coal swaps for average Q3’ 2014 increased by just US$ 0.08 day on day and US$ 0.68 week on week. The swap was lost U ...
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- Deloitte Consulting - India
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Intertek Mineral Services - Indonesia
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- Manunggal Multi Energi - Indonesia
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Riau Bara Harum - Indonesia
- CIMB Investment Bank - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
- Sical Logistics Limited - India
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- Energy Link Ltd, New Zealand
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- Renaissance Capital - South Africa
- Ministry of Mines - Canada
- Carbofer General Trading SA - India
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- Bukit Makmur.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- Aditya Birla Group - India
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- Trasteel International SA, Italy
- International Coal Ventures Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- Indian Oil Corporation Limited
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- Global Green Power PLC Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Siam City Cement - Thailand
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- VISA Power Limited - India
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- Kartika Selabumi Mining - Indonesia
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- Eastern Coal Council - USA
- Attock Cement Pakistan Limited
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- SMC Global Power, Philippines
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Malabar Cements Ltd - India
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- Bharathi Cement Corporation - India
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- Minerals Council of Australia
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- MS Steel International - UAE
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- Indogreen Group - Indonesia
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- Videocon Industries ltd - India
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- PNOC Exploration Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Baramulti Group, Indonesia
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- Australian Coal Association
- Sree Jayajothi Cements Limited - India
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