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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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Thursday, 10 December 15
FOB RICHARDS BAY COAL Q3' 16 DELIVERY SWAP WAS CLOSED 7.27% PER TON LOWER COMPARED TO AVERAGE Q1' 16 DELIVERY PRICE
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q1’ 2016 decline month over month and week over week.
The Q1’ 2016 &nbs ...
Wednesday, 09 December 15
U.S. COAL EXPORTS DECLINE IN 2015 DUE TO SLOWER GROWTH IN WORLD COAL DEMAND AND LOWER INTERNATIONAL COAL PRICES - EIA
COALspot.com: The slower growth in world coal demand and lower international coal prices have contributed to a decline in U.S. coal exports in 2015 ...
Wednesday, 09 December 15
DRY BULK EXPERIENCES THE PERFECT STORM - PANOS TSILINGIRIS
Dry bulk experiences the perfect storm as the slowing of demand predominantly because of China sat atop the exaggerated oversupply. The BDI broke t ...
Tuesday, 08 December 15
OPEC'S DECISION BODES WELL FOR THE TANKER MARKET: STRONG MIDDLE EAST CRUDE EXPORTS WILL CONTINUE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
OPEC’s latest decision to keep up oil production is seen by shipbrokers as a further boost for the tanker market. At the end of last year OPE ...
Tuesday, 08 December 15
Q1' 16 API 5 FOB NEWCASTLE COAL SWAP CLOSED AT $ 36.73 A TON; 1.73% HIGHER COMPARED TO Q3' 16 PRICE
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery slid $1.47 per ton (3.85%) month over month to US$ 36.73 per ton. The swap ...
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- Essar Steel Hazira Ltd - India
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- Bayan Resources Tbk. - Indonesia
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- Merrill Lynch Commodities Europe
- Planning Commission, India
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- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
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- Independent Power Producers Association of India
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- Australian Commodity Traders Exchange
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- Renaissance Capital - South Africa
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- Coal and Oil Company - UAE
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- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- Australian Coal Association
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- Ministry of Mines - Canada
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- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- Medco Energi Mining Internasional
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- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- Formosa Plastics Group - Taiwan
- Interocean Group of Companies - India
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- Central Electricity Authority - India
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
- GAC Shipping (India) Pvt Ltd
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- Rashtriya Ispat Nigam Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Dalmia Cement Bharat India
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Global Coal Blending Company Limited - Australia
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- Parliament of New Zealand
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- Larsen & Toubro Limited - India
- The University of Queensland
- Intertek Mineral Services - Indonesia
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- Bhatia International Limited - India
- Ambuja Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- IEA Clean Coal Centre - UK
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
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- PowerSource Philippines DevCo
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- Kepco SPC Power Corporation, Philippines
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- Neyveli Lignite Corporation Ltd, - India
- Bharathi Cement Corporation - India
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