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Friday, 19 April 13
FIRST QUARTER OF 2013 PROVEN A POSITIVE SURPRISE FOR DRY BULK MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
 Despite ominous predictions regarding the negative performance of the dry bulk market during the – traditionally weak anyway – first quarter of the year, it seems that the market dodged a bullet and escaped unscathed from the tonnage oversupply concerns. According to the latest weekly report from shipbroker Intermodal, the first quarter proved to be a positive one for most of the mid-to-small sizes, like Panamaxes, Supras and Handies. Time-charter equivalent earnings have brought some relief as earnings improved and moved to a positive territory beyond the point of covering their operating expenses.
According to Intermodal's S&P shipbroker Yannis Olziersky, "the strong demand for tonnage is driven mainly by the South American grain season, which pushed Panamax rates to an unexpectedly significant improvement. In the Pacific, Panamaxes also found support due to the increased demand for Indonesian exports such as iron ore, bauxite, nickel ore and coal. As a result the BPI during March averaged at around 1,147 points, with rates for a front haul voyage rising up to US$ 18,000/day and round voyages in the Far East edging up to US$ 10,000/day.
Smaller segments like Supras and Handies gained higher returns due to the grain season and their indices where raised by 30% and 20% respectively. On the other hand, weak demand persisted in the Cape size market, which failed to sustain gains. Disruptions in mineral cargo supply like iron ore and coal combined with the massive supply of vessels have driven the Cape size average T/C earnings to sink below US$ 5,000/day, which is the lowest level since Q3 2012", Olziersky said.
He added that "the upward trend in freight rates during Q1 2013 has also affected asset values. Second hand prices have been inched up in all segments (including Capers despite their downward trend in freight). Additionally, activity on the second hand market has also picked up significantly. A comparison between the dry bulk units sold back in Q1 2012 and those reported sold in Q1 2013, points towards an increase in activity by as much as 40pct.
The million dollar question is whether we have seen the bottom on asset values or not. Quite hard and risky to say, however certain things show that present values are attractive enough and, in the mind of some owners, prices have indeed touched the ground. Some facts which may support this perspective are:
Prices in all segments and especially for quality modern tonnage have shown a noticeable upward correction since February/January.
- Major players whom are traditional shipowners are buying vessels and appear to have appetite for more.
- A significant number of Buyers are inspecting quality tonnage that enters the market. In some occasions we hear more than 20 parties inspecting and chasing the same vessel!
- Orderbook to fleet ratio has been reduced significantly and today stands at 16% compared to last year which was at around 26%.
- Fleet removals are still going at a satisfactory pace. Upheld firm demo prices are assisting owners in making the difficult decision to scrap their older units", the shipbroker stated in the report.
He went on to conclude his argument by raising the questions of "Are we moving towards the right direction? and "Is this the right time for investments?. Two questions which time can only answer but by which time it may well be too late to get on board. Given the present facts and market trends though, we feel we may be witnessing a glimpse of hope and a glimmer at the end of the tunnel", he concluded.
Source: Nikos Roussanoglou, Hellenic Shipping news
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Wednesday, 02 September 20
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- Romanian Commodities Exchange
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- VISA Power Limited - India
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- Eastern Coal Council - USA
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- Star Paper Mills Limited - India
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- Agrawal Coal Company - India
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- Planning Commission, India
- Bhushan Steel Limited - India
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- The State Trading Corporation of India Ltd
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- Sical Logistics Limited - India
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- Timah Investasi Mineral - Indoneisa
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- Aboitiz Power Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- The University of Queensland
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- Electricity Generating Authority of Thailand
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- New Zealand Coal & Carbon
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- Parliament of New Zealand
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- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
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- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
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- Indonesian Coal Mining Association
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- Savvy Resources Ltd - HongKong
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- Posco Energy - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
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- Ministry of Transport, Egypt
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- Miang Besar Coal Terminal - Indonesia
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- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
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- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- India Bulls Power Limited - India
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- Malabar Cements Ltd - India
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
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- Mjunction Services Limited - India
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- Sojitz Corporation - Japan
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- Singapore Mercantile Exchange
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
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- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- Salva Resources Pvt Ltd - India
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- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Thai Mozambique Logistica
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
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