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Friday, 08 January 16
DRY BULK MARKET'S CRISIS DEEPENS AS RATES ARE DROPPING TO NEW RECORD LOWS BY THE DAY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
 Just when you would think that the dry bulk market is reaching its bottom, even as it has long surpassed all-time lows, each day that passes by at the start of 2016, brings about more bad news. Yesterday, the industry’s benchmark, the Baltic Dry Index (BDI) reached new lows, plunging by 22 points to a mere 445 points. As it turns out, things will most likely turn worse, before they get better.
In its latest weekly report, commenting on the Capesize market, shipbroker Fearnley’s noted that “as expected rates have been under pressure the first week of the new year. West Australia / China rates are up from sub 3 pmt levels during Christmas to approx USD 3,30 with a slightly further improvement expected. Fronthaul cargoes remain scarce. Some period activity with short period fixtures beeing concluded around the USD 4,500 a day for 175,000 dwts”, said the shipbroker.
Meanwhile, in the Panamax market, Fearnleys said that “activity in the Atlantic seems to increase a bit after X-mas and new year, especially grain from USG and ECSA to far east absorbing tonnage. Transatlantic roundvoyages paying arnd 4000 USD depending delivery, duration and redelivery. Cold weather and more ice can make Baltic and North Atlantic tight, if iceclassed tonnage needed. Sofar rates steady. Rates moving up for fronthaul and 10.000 + 150 bb reported fixed from USG to feast. ECSA to feast paying mid 7 k + 220 k bb.
Grain from ECSA to continent paying mid 6k for a good Kamsarmax. Nopac rounds paying 4000 USD + 100 k bb. Pacific rounds hovering around low/mid USD 3000. Period market slow but
we believe modern tonnage get arnd USD 5500 for 1 year”, the shipbroker noted.
Finally, in the Handy markets, Fearnleys said that “after a quiet holiday period, the market has slowly awakened from its slumber. Rates are not running away but the market looks like it is finding a bottom. Averages for a Surpa are now around mid USD 4000’s and only marginally down from pre Christmas levels. 2016 has started with a couple of period fixtures reported at low USD 6000’s for Ultramaxes. Thus by default Supras will only be worth something in the USD 5’s for a 12 month deal”, it concluded.
In a note this week, BIMCO said that in 2016, it expects the supply-side to grow by around 2% (2.6% in 2015E) – and that this will be helped by a new record level of scrapping. On the demand-side, growth is forecast to remain level. Challenging market conditions in China will be likely to affect the level of risk.
According to the organization’s review of 2015, “the dry bulk market experienced a troublesome 2015 as the ongoing decline in Chinese coal imports was not countered by any significant upswing elsewhere. Whereas iron ore imports were on a par with 2014, steel export from China reached a new high, benefitting mid-sized ships. For 2016, much depends on what Chinese steel mills will do. Will they continue production above domestic consumption – or substitute domestically mined ore with imported ore? The jury is still out.
At the end of November, the Baltic Dry Index hit 498, a new all-time low. For most of the year, the majority of ships have traded below OPEX levels, resulting in financial losses for many companies. The horrific first half of 2015 brought around a new half-year record for scrapping. Improvements in the freight market during Q3 regrettably cooled down demolition market activities. Nevertheless, fleet growth recorded a twelve-year low.
Meanwhile, in the newbuilding market, Fearnleys noted that “only six days into the new year, most of the contracts in the below table were reported in the latter part of December. On the tanker side aframaxes were in focus as Tsuneishi secured an order for 8 vessels of which four went to their “in-house” owners Kambara Kisen. Ship Finance went to Daehan (Korea) for two option two LR2 type product carriers to be delivered in the second part of 2017. The contract was done in combination with a 7+2 years charter to US based Energy Company. At the doorstep of a new year we expect yards to compete strongly for new contractcs in a market with diminishing demand and prices under continous pressure”, the shipbroker concluded.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Tuesday, 26 January 16
Q3'16 CFR SOUTH CHINA COAL SWAP DROPPED BELOW $41 A TON
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery rose US$ 0.82 (1.94%) per ton month over month.
A commodity swap is ...
Tuesday, 26 January 16
OUTLOOK FOR GLOBAL OIL MARKETS - OPEC SECRETARY GENERAL
Opening address by HE Abdalla S. El-Badri, OPEC Secretary General, at the Chatham House Conference: Middle East and North Africa Energy 2016, Theme ...
Monday, 25 January 16
5700 GAR COAL INDEX CLOSED $ 50.08 PER TON, $0.20 LOWER FROM LAST WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 1.35 percent week over week to averaging $39.39 per ton on this past Friday, ...
Monday, 25 January 16
SHOULD A DEFAULTING PARTY BE ENTITLED TO AN INNOCENT PARTY'S SAVING, FOLLOWING THEIR BREACH OF CONTRACT? - THE NEW FLAMENCO REVISITED
KNOWLEDGE TO ELEVATE
This case was addressed by the club in our of January 2015, when the High Court decision became available. The background ...
Monday, 25 January 16
DRY BULK SHIPPING: A MISERABLE START TO A NEW YEAR, WHERE THE MARKET STRUGGLES TO GROW AT ALL - BIMCO
The global production of steel dropped in 2015 compared to 2014, to a larger extent outside China, as China exported its surplus of steel to destin ...
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- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Metalloyd Limited - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- The State Trading Corporation of India Ltd
- Eastern Energy - Thailand
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Oldendorff Carriers - Singapore
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- Jindal Steel & Power Ltd - India
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- Rio Tinto Coal - Australia
- Mercuria Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
- Romanian Commodities Exchange
- Global Coal Blending Company Limited - Australia
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- Electricity Generating Authority of Thailand
- India Bulls Power Limited - India
- VISA Power Limited - India
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- Sarangani Energy Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- CIMB Investment Bank - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
- Central Java Power - Indonesia
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Thiess Contractors Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Kaltim Prima Coal - Indonesia
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
- Savvy Resources Ltd - HongKong
- Georgia Ports Authority, United States
- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- Timah Investasi Mineral - Indoneisa
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Indo Tambangraya Megah - Indonesia
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- Karaikal Port Pvt Ltd - India
- The Treasury - Australian Government
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- Bangladesh Power Developement Board
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- The University of Queensland
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- Australian Coal Association
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Global Business Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- New Zealand Coal & Carbon
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- LBH Netherlands Bv - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
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