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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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Thursday, 21 March 13
HANDY : RBCT ROUNDS FIXED AT $ 9000 + 300K BB - FEARNRESEARCH
Handy
The Atlantic market remains firm with cargoes seen to support healthy rates as per last week. The USG-Feast was at USD 25k and Black Sea-Feas ...
Wednesday, 20 March 13
NTPC TO IMPORT SEVEN MILLION TONS COAL FOR FOUR MONTHS
COALspot.com : NTPC Limited (formerly National Thermal Power Corporation) is the largest Indian state-owned electric utilities company has awarded&n ...
Tuesday, 19 March 13
CHINA GAS PRICE REFORMS AND APAC GAS PRICING - FITCH STREET VIEW
Fitch Ratings says pricing reform in the Chinese gas sector is unlikely to materially impact gas distributors' margins, and low gas prices in the U ...
Tuesday, 19 March 13
NEWCASTLE COAL EXPORTS FALL BY 4.27 PERCENT ON WEEK
COALspot.com - Newcastle port in Australia has loaded 2,365,561 MT of thermal and coking coal for week ended 0700 hours 18 March 2013, Newcast ...
Tuesday, 19 March 13
SHIP PRICES COULD BE CLOSING IN TO REACH THEIR BOTTOM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
One of the latest developments in shipping asset prices has been the reluctance from shipyards to further reduce their price expectations to higher ...
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- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- Minerals Council of Australia
- Eastern Coal Council - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Oldendorff Carriers - Singapore
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- Jaiprakash Power Ventures ltd
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- Binh Thuan Hamico - Vietnam
- Chamber of Mines of South Africa
- CNBM International Corporation - China
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- Deloitte Consulting - India
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Formosa Plastics Group - Taiwan
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Agrawal Coal Company - India
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Romanian Commodities Exchange
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- Indian Oil Corporation Limited
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- Sarangani Energy Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- Rio Tinto Coal - Australia
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- Australian Coal Association
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Indonesian Coal Mining Association
- OPG Power Generation Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Aboitiz Power Corporation - Philippines
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- Borneo Indobara - Indonesia
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- ASAPP Information Group - India
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- Samtan Co., Ltd - South Korea
- Coalindo Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- PTC India Limited - India
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