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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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Wednesday, 16 December 15
MARKET INSIGHT - KATERINA RESTIS
On Friday 4th of December the meeting of OPEC was held in Vienna, Austria. Since its last meeting, oil and product stock levels have continued to r ...
Tuesday, 15 December 15
THE GOVERNMENT DECLARED THERMAL COAL BENCHMARK PRICE CRASHING ONCE AGAIN
COALspot.com: Low coal demand and excess supplies sent Indonesian benchmark coal price down to below 2009 level. HBA has slumped by 1.69% mo ...
Tuesday, 15 December 15
API 5 FOB NEWCASTLE COAL SWAP FIRM W-W; WEAK M-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery slid $.13 per ton (0.35%) month over month to US$ 37.07 per ton. The swap w ...
Monday, 14 December 15
5000 GAR CS (I) COAL INDEX DECLINE US$ 0.04 PER TON W-O-W
COALspot.com: The 5000 GAR CS (i) coal index decline US$ 0.04 per ton (-0.10 %) week over week.
According to the CS (i) coal (system generated ...
Monday, 14 December 15
CFR SOUTH CHINA COAL SWAP IS STILL SLIDING
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery declined US$ 0.93(2.18%) per ton month over month.
A commodity swap ...
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- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- Aditya Birla Group - India
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- Central Java Power - Indonesia
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Parliament of New Zealand
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Asmin Koalindo Tuhup - Indonesia
- Goldman Sachs - Singapore
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- Mercuria Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- Posco Energy - South Korea
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Commonwealth Bank - Australia
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- GVK Power & Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- Deloitte Consulting - India
- PTC India Limited - India
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Gujarat Sidhee Cement - India
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- ICICI Bank Limited - India
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- Sical Logistics Limited - India
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- ASAPP Information Group - India
- Parry Sugars Refinery, India
- VISA Power Limited - India
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- OPG Power Generation Pvt Ltd - India
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- Indika Energy - Indonesia
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
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