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Wednesday, 07 January 15
2015 IS RIDDLED WITH CHALLENGES FOR THE SHIPPING SECTOR, MOST NOTABLY THE DRY BULK MARKET - HELLENIC SHIPPING NEWS
 As the new year has now set foot for real, many are still looking to detect what’s in store for the various shipping markets, with the first quarter of the year been the “compass” which will point towards this year’s direction in shipping. According to the latest weekly report from shipbroker Allied Shipbroking, “with the dry bulk market having started off the year on a fairly negative note there are some that see it as setting the tone of what we are set to see during the next 12 months. Though taking a look at the composite leading indicators for both China and India as well as the recent pick up in interest for iron ore we might be seeing an improvement in the works”.
Allied’s George Lazaridis, Head of Market Research & Asset Valuations, “there are however great fears to overcome this year before we can see better days. The recent economic crisis in Russia caused by the crippling sanctions brought about from the West and the drastic drop in oil prices (energy accounts for 25% of Russia’s gross domestic product – GDP) creates woes of global trade imbalance. At the same time worries have resurfaced regarding the stability and growth potential of the Euro-zone, as many voice concerns of a potential Greek exit from the Eurozone after the upcoming elections. Further to this, some of the largest economies, such as China, Japan and Germany, as well as several emerging markets have to tackle a slowdown in economic growth. This is all set to take place on the back drop of a fairly strong growth in the carrying capacity of the dry bulk fleet and it’s the dry bulk fleet that is most under threat now”.
According to the shipbroker, “most of the above mentioned will be fairly cleared out within the first two months of the year, while at the same time we should start to be able to get a better idea as to the direction the market will take. The hopes are for a stronger global GDP growth, with forecasts pointing to a 2.9% increase this year compared to 2.5% estimated to have been seen in 2014. This is mainly to be driven by the more bullish U.S. economy as well as an overall benefit that is expected to be seen if the current low oil prices persist. With regards to the latter the IMF has pointed to an increase of up to 0.7% in global economic activity which will be accounted by the lower energy prices. Further to this, the fact that most commodity prices have weakened considerably in the second half of 2014, means that overall costs have weakened, while these lower prices will allow for a continuation of the current low interest rate policies”.
Lazaridis added that “the current fog of uncertainty is likely to clear out after the Chinese New Year in mid-February. If the outcome is positive, we should see a spark of buying interest as prices will be ripe for the picking. If things turn for the worst then we might be set for a very difficult year, hopefully allowing for a clear out of some of the excesses that had been made in the past. In any case it looks as though 2015 will be giving truth to the phrase “the night is darkest just before the dawn”, or so we would like to hope”, he concluded.
Meanwhile, in the newbuilding market over these past couple of weeks, Allied said that “with 2014 having closed off at a fairly poor note and everyone worry-ing of even tougher market conditions to follow in the first half of 2015, many shipbuilders have already lowered their targets for the year, while we are likely to see a more aggressive marketing approach in an effort to steal some interest from the secondhand market. The way prices are holding right now this seems fairly difficult as it is hard to convince buyers to pay out such a premium the way the market is currently moving. At the same time, difficulties in terms of financing are likely to continue on in 2015, with particular difficulties to be seen as to the issuance of refund guarantees. As things stand now. S. Kore-an shipbuilders are better placed having put considerable focus on the tanker market as well as other niche markets which have been performing better in terms of earnings. In terms, of rumored deals, S. Korea’s Daewoo Shipbuilding has se-cured an order for 2 ice class LNG (172,000cbm) carriers for a price of US$ 317.0m each with delivery between 2017 and 2019″.
Finally, in the market for secondhand vessels, “further price drops have been noted in the Dry Bulk sector despite the limited activity which has taken place. Buyers have preferred to stay in the sidelines waiting for things to soften further, while many hope to see prices reach closer to the levels seen in early 2013. Interms of reported deals the Handysize “LEYDEN” (28k, 1995, Japan) was picked up for a price of US$ 5.1m. Things have been more bullish in the tanker sector, were the very promising performance in the freight market has rekindled interest by many buyers especially for the larger crude carriers. It is noteworthy to mention the fleet purchase by Genmar of 14 VLCC resales at a total enbloc price US$ 1.4bn”, Allied concluded.
Source: Nikos Roussanoglou, Hellenic Shipping News Worldwide
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Tuesday, 13 January 15
MORE PITFALLS FOR OWNERS LOOKING TO TERMINATE FOR UNPAID HIRE - INCE & CO
KNOWLEDGE TO ELEVATE
It is a debatable point whether or not the obligation to pay hire under a time charter is a condition of the contract or ...
Tuesday, 13 January 15
Q2 CFR SOUTH CHINA COAL SWAP DECLINED 8.66% M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery declined by US$ 3.48 (-5.73%) month over month and US$ 2.35 (-3.94%) week ...
Tuesday, 13 January 15
Q1' 2015 RICHARDS BAY COAL SWAP SLIGHTLY HIGHER THAN Q2 & Q4 2015 SWAPS
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q1' 2015 lost month on month and week over week.
The Q1 swap has lost US$ 7.21 ...
Monday, 12 January 15
COAL: LOW PRICES ARE EXPECTED TO DRIVE A SUPPLY-DRIVEN RECOVERY IN THE MEDIUM TERM - SGX
COALspot.com: Thermal coal prices dropped to six-year lows in 2014 driven by persistent oversupply, SGX says in its “ Commodities 2014 - A ye ...
Monday, 12 January 15
FREIGHT MARKET: 2015 FLEET SUPPLY GROWTH IS EXPECTED TO REMAIN SLIGHTLY AHEAD OF CARGO GROWTH - SGX
COALspot.com: The dry bulk freight market was forced to digest a number of negatives in 2014 leading the Baltic Dry Index to fall 66% through the y ...
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- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- Electricity Generating Authority of Thailand
- ASAPP Information Group - India
- The University of Queensland
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- Metalloyd Limited - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- Global Coal Blending Company Limited - Australia
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Trasteel International SA, Italy
- PNOC Exploration Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Sinarmas Energy and Mining - Indonesia
- MS Steel International - UAE
- India Bulls Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bangladesh Power Developement Board
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- Aditya Birla Group - India
- The Treasury - Australian Government
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Larsen & Toubro Limited - India
- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
- Price Waterhouse Coopers - Russia
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- Salva Resources Pvt Ltd - India
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- White Energy Company Limited
- Parry Sugars Refinery, India
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- Dalmia Cement Bharat India
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Petron Corporation, Philippines
- Economic Council, Georgia
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- Bukit Baiduri Energy - Indonesia
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- Timah Investasi Mineral - Indoneisa
- New Zealand Coal & Carbon
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- SMG Consultants - Indonesia
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- Mercator Lines Limited - India
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Bhatia International Limited - India
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- Riau Bara Harum - Indonesia
- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Planning Commission, India
- Lanco Infratech Ltd - India
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
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