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Thursday, 26 November 15
DRY BULK MARKET WILL REBOUND EVENTUALLY, BUT THINGS WILL BECOME EVEN WORSE BEFORE THEY IMPROVE SAYS SHIPBROKER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
 As the dry bulk market’s benchmark, the Baltic Dry Index (BDI) reached an all-time late last week and has failed to rebound significantly ever since, it seems that many analysts and shipbrokers were caught by surprise, since they were admittedly expecting a better performing market during this period of year. However, as Allied Shipbroking pointed out in its latest weekly report, “it seems as though trade is at a much more dire state than what had been expected. During the past two months the slowdown has intensified, with the volume of cargoes in the market greatly outnumbered by the glut in tonnage supply and most market fundamentals pointing to extra deterioration in the balance down the line”.
According to Allied, “one of the main issues has been the aggressive and inward focused approach by most governments with regards to their exports and imports. Trade barriers seem to be lifting right, left and center, with the biggest focus of late been thrown on steel products. The issue here is that the excess supply coupled with slower economic growth leaves little room for beneficiary trade deals to be struck especially as most governments focus on aiding their own ailing industries. This “inward focus” leaves dry bulk shipping, in particular, in a very “sticky mess”. The vast orderbook which had been managed fairly well under the given circumstances is still presenting to be a grand issue and with deliveries scheduled to intensify during the next twelve months the problem will only get bigger for the time being”.
At the same time, as Allied’s Head of Market Research & Asset Valuations, Mr. George Lazaridis pointed out, “it isn’t enough that only one size segment manages to hold back it’s fleet growth as the recent market trend has shown. The BDI may have reached its lowest point but all the individual sub-indices are still above their historical lows. This in part shows how it hasn’t been one size segment that has drown down the market average, but rather that all of them have reached fairly low levels, further showing the intense influence they now hold on each other. With such “sour” sentiment abound it is hard for any owner to take a strong stance when it comes to negotiating with cargo owners to push for better freight levels and while bunker prices have helped reduce voyage costs they have also in part help breakdown the “slow steaming” policy (in effect increasing the supply of vessels further)”.
Lazaridis went on to note that “the biggest scare for now is what the market will do in early 2016, were we typically witness a further drought in requirements during the Chinese New Year festivities. There is no guarantee of the actual direction the market will take as was pointed out this year during the highs reached in August (a seasonally low point in the market) as well as the current market trend (which is during a period in the year which is typically a seasonally high point in the market). Overall however even if a new low in the BDI is not hit during the first quarter of 2016, expectations are for a fairly low average freight rate to be achieved for the whole of the coming year. We will surely see an-other great effort in minimising the growth in the dry bulk fleet which should in part limit the excess supply of tonnage in the market, yet we will still need to see a drastic change on the demand side as well, something that as it seems can only come about by external market forces which can be highly unpredictable”, he said.
Allied’s analyst concluded that “for the time being we will just have to make do with the current market psychology that has engulfed us all, trying to turn turmoil into opportunity and as asset prices continue to tumble to levels never before seen, it will be the patient opportunists that will be able to squeeze the most out of this market trough once more”.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Wednesday, 25 November 15
BIG CHINESE COPPER PROCESSORS DEFEND MARGINS THROUGH R&D, SAYS FITCH
Large Chinese copper processors are focusing on higher value-added products and investing in R&D to enhance their technical know-how to maintai ...
Wednesday, 25 November 15
BIMCO LAUNCHES ANTI-CORRUPTION CLAUSE FOR SHIPPING CONTRACTS WORLDWIDE
COALspot.com: BIMCO, is the world’s largest international shipping association, with 2,200 members in around 130 countries, has now launched ...
Wednesday, 25 November 15
TANKER MARKET INSIGHT - GEORGE VASTARDIS
We have already noticed obvious signs of activity mainly West of Suez, which are currently driving the clean MR market to higher levels. Over the p ...
Tuesday, 24 November 15
COAL SUPPLY PRESSURE PUTS INDONESIAN HBA IN FREE FALL
The coal industry is slowly recognizing that, the current coal price level is not a decrease in price, but a change in pricing to corresp ...
Tuesday, 24 November 15
COAL PRICES SET TO REMAIN UNDER PRESSURE UNTIL 2016 DUE TO OVER SUPPLY GLUT; H1 '16 COAL SWAPS DOWN 13% M-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery slid $5 per ton (12.05%) month over month to US$ 36.50 per ton. The s ...
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- Vizag Seaport Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- Deloitte Consulting - India
- Agrawal Coal Company - India
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- Posco Energy - South Korea
- ASAPP Information Group - India
- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- European Bulk Services B.V. - Netherlands
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Economic Council, Georgia
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- Krishnapatnam Port Company Ltd. - India
- GMR Energy Limited - India
- Indonesian Coal Mining Association
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Marubeni Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Carbofer General Trading SA - India
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Georgia Ports Authority, United States
- International Coal Ventures Pvt Ltd - India
- Standard Chartered Bank - UAE
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- India Bulls Power Limited - India
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
- Australian Coal Association
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- Coalindo Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
- Planning Commission, India
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- Bangladesh Power Developement Board
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- PetroVietnam Power Coal Import and Supply Company
- Electricity Authority, New Zealand
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Sical Logistics Limited - India
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- Bharathi Cement Corporation - India
- MS Steel International - UAE
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- Banpu Public Company Limited - Thailand
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
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