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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, 03 December 15
PANAMAX BUSINESS REMAINED UNDER PRESSURE LAST WEEK
COALspot.com: Following the new record lows the Dry Bulk market witnessed the week prior, the BDI took a much needed breath during the past days.
...
Wednesday, 02 December 15
Q3' 16 FOB RICHARDS BAY COAL SWAP SLIGHTLY UP FOR THE THIRD STRAIGHT WEEK
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q1’ 2016 up month over month and fell week over week.
The Q1’ 2016 &nbs ...
Wednesday, 02 December 15
MARKET INSIGHT - VASSILIS LOGOTHETIS
Boom and bust cycles in commodity prices are not something rare, yet they have important implications both for the world economy in general and for ...
Tuesday, 01 December 15
FOB NEWCASTLE COAL SWAP UP THIS PAST WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery slid $3.75 per ton (9.26%) month over month to US$ 36.75 per ton. The swap ...
Tuesday, 01 December 15
TANKERS VERSUS BULKERS - JUST PLAYING CATCH UP? - CLARKSONS
It’s now more than a year since the tanker market took off. In mid-2014 tanker earnings picked up and since then have been in the $30-$40,000 ...
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- White Energy Company Limited
- PNOC Exploration Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Power Finance Corporation Ltd., India
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Energy Link Ltd, New Zealand
- Sarangani Energy Corporation, Philippines
- Eastern Coal Council - USA
- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- Wilmar Investment Holdings
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- VISA Power Limited - India
- Bangladesh Power Developement Board
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Directorate General of MIneral and Coal - Indonesia
- Orica Australia Pty. Ltd.
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Port Waratah Coal Services - Australia
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- Kobexindo Tractors - Indoneisa
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- International Coal Ventures Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Central Java Power - Indonesia
- Marubeni Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- PTC India Limited - India
- Lanco Infratech Ltd - India
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Romanian Commodities Exchange
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Independent Power Producers Association of India
- Toyota Tsusho Corporation, Japan
- Indika Energy - Indonesia
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- Metalloyd Limited - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- Gujarat Sidhee Cement - India
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- The Treasury - Australian Government
- Parliament of New Zealand
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- SMG Consultants - Indonesia
- Bulk Trading Sa - Switzerland
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- The University of Queensland
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- Australian Commodity Traders Exchange
- Bharathi Cement Corporation - India
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