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Monday, 08 February 16
DRY BULK: SHIPBROKER SEES BDI MARKET REACHING LOW POINT OF 236 POINTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
 The endless pit that is the dry bulk market over the past two months, has been the issue of debate among ship owners, shipbroker and analysts alike, as market delegates are looking for ways to cope with the record low freight rates and determine whether the market will go next. In its latest weekly report, shipbroker Allied Shipbroking said that “with January having closed off with record lows on almost all dry indices (the exception is for the Capesize index which thanks to a small rally during the final week managed to prop slightly higher than the low of 185 points that was achieved on the 19th), many are feeling the pressure and are worried that this market has no bottom and has turned into an endless black hole”.
According to Allied’s Head of Market Research & Asset Valuations, Mr. George Lazaridis, “the initial resistance point many believed the market would reach was at 345 in the BDI. This was reached this Tuesday, with quick softening followed on subsequent days easily breaking below this level. The next point in sight that it seems should provide some resistance to further drops should be at around 298 points”. This was also reached on Thursday, while Friday’s session saw thw BDI closing at 297 points. Lazaridis said that “to put this index value into perspective and given the current state of each of the individual markets, this point would refer to average TCE rates of the Capesize at around US$ 2,618pd, that of Panamaxes at US$ 2,161pd, Supramaxes at US$ 2,989pd and that of Handysizes at US$ 3,034pd.”
Yet, the main question still remains as to if this will really be a resistance level that will be hard to break. According to Lazaridis, “Logically there is a level at which the market just doesn’t make sense for anyone to trade below that point. This however depends on a number of factors with most prominent that of the time period that has passed under which the market has been receiving “subpar” rates. To explain this further, owners might be willing to accept abnormally low freight rates if they know it will only be for one-two voyages (i.e. it is a small glitch in the market). However, it is nonsensical to continually trade for long periods of time at a constant loss. Therefore, given the fact that we have been seeing these poor freight levels for around two months now and given the rumours of many owners in the market already looking seriously into their options in terms of cold lay-up, it makes sense to assume that we are under the case of the latter and are likely going to hit a level deemed as the absolute low the market can sustain for now”, Allied’s analyst noted.
He added: “Noting at the same time that we have already seen a break in the consecutive negative days posted in the Capesize market, it looks as though we can presume that this size segment might well have reached its absolute low under the current market conditions, fluctuating thereafter at levels just above and just below this until the market finds a foothold from where to improve. Taking the same premise however on all the other size segments and we see that this next theoretical resistance point will likely be reached easily within this week and could possibly drop even further”.
According to Lazaridis, “a more reasonable resistance level is likely going to prove to be at 236 points on the BDI, a level that will be hard to reach as it will require the combination of all four size segments reaching their theoretical “breaking points” at the same time, but given the market conditions we have seen over the past month, it doesn’t sound like it’s an unthinkable scenario either. Nevertheless, all this will prove to be theoretical, as in practice the market may well have further surprises down the road. The current levels are already well below what the majority of owners can sustain given their OPEX levels, as such pushing more and more to take up options such as that of scrapping or layingup vessels and in turn helping improve the supply side of things”. On the demand side of things many are hopeful of slightly better interest from Charterers after the Chinese New Year, however these hopes have faltered in the past and may well do again”, he concluded.
Source: Nikos Roussanoglou, Hellenic Shipping News Worldwide
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Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
Wednesday, 31 January 24
CHINA'S INNER MONGOLIA COAL OUTPUT HIT 1.21B TONS IN 2023 - XINHUA
North China’s Inner Mongolia autonomous region churned out 1.21 billion tons of coal in 2023 as it strives to guarantee the country’s e ...
Wednesday, 31 January 24
GAS EXPORTS COST U.S. CONSUMERS MORE THAN $100 BILLION OVER 16-MONTH PERIOD - IEEFA
Limited Demand Growth Could Dampen the Dry Bulk Market in the Coming Months BIMCOStarting in late 2021—before its invasion of Ukraine—R ...
Tuesday, 30 January 24
LIMITED DEMAND GROWTH COULD DAMPEN THE DRY BULK MARKET IN THE COMING MONTHS - BIMCO
Demand
In our base scenario, we expect cargo demand to grow by 0-1% in 2024 and 0.5-1.5% in 2025. This is a 0.5 percentage point reduction for ...
Friday, 26 January 24
RED SEA DIVERSIONS ADD NEARLY A MILLION DOLLARS PER VOYAGE TO SHIPPING COSTS WHILE DOUBLING TRANSIT TIME - LSEG
The incremental costs of diverting a tanker from Asia to NW Europe via the Cape of Good Hope is accounting for an extra $932,905 USD per voyage whi ...
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Showing 21 to 25 news of total 6846 |
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- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aditya Birla Group - India
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- Grasim Industreis Ltd - India
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Parliament of New Zealand
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Planning Commission, India
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Aboitiz Power Corporation - Philippines
- Marubeni Corporation - India
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- The University of Queensland
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- Meralco Power Generation, Philippines
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- International Coal Ventures Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- Deloitte Consulting - India
- Maheswari Brothers Coal Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Independent Power Producers Association of India
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
- Ministry of Finance - Indonesia
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- Vedanta Resources Plc - India
- Minerals Council of Australia
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
- London Commodity Brokers - England
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Energy Link Ltd, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- Thiess Contractors Indonesia
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- PTC India Limited - India
- GMR Energy Limited - India
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- Sindya Power Generating Company Private Ltd
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- Sojitz Corporation - Japan
- Economic Council, Georgia
- Latin American Coal - Colombia
- MS Steel International - UAE
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- Kumho Petrochemical, South Korea
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- Standard Chartered Bank - UAE
- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
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