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Thursday, 24 October 13
SHIP PRICES ARE INCREASING ON THE BACK OF IMPROVED MARKET SENTIMENT - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has kept on retreating from its recent highs, ending yesterday at 1,786 points, down 61 points on the day, with Capesizes leading the decline. Still, according to shipbrokers, market sentiment remains positive, despite the fact that the average Capesize earnings have declined from their recent peaks of $42,000/day, down to $28,000/day. According to the latest weekly report from shipbroker Intermodal, "in addition to the strong Capesize market, which found support from the recent Chinese restocking and strong demand for iron ore, chartering activity for the other segments has also improved and is surging on the back of increased shipments of grains from the US Gulf and the Black Sea.
According to Mr. Yannis Olziersky, SnP Broker, "the dry bulk market, it seems, is witnessing a U-turn in fate; bullishness, although restrained, has return to many market players since to them it appears as if the worst phase is now behind us and the market is expected to advance at a faster pace compared to that of last year. This restrained optimism has had its impact on second hand sales as well as on the new building market, as a significant number of vessels are changing hands at prices well above last done deals and sometimes well above Sellers’ ideas, due to the fact that competition between Buyers, in an effort to secure tonnage, is driving values well above recent levels" he noted.
The same story is taking place in the new building market, where slots at good shipyards are now scarce and offered prices have surged and are about 10-15pct higher compared to orders that were placed during 1H of 2013.
"What will happen next? Are we on a firm recovery track or were the latest positive developments in freight rates based only on a typical seasonal spike? Having foresight in a volatile industry like shipping, which is highly dependent on so many different parameters, is difficult and dangerous to do. On the other hand there are some irrefutable facts which cannot be overlooked. Seaborne commodities have increased about 6pct compared to last year; fleet growth increased about 5.8pct (year to date), which is the lowest we have seen during the last couple of years. Taking also into consideration that the world economy is on a recovery phase and that the global GDP is projected to increase at a higher rate compared to previous years it is expected that dry bulk commodities will keep trading at higher volumes compared to 2013", Olziersky mentions.
He added that "at the same time it is expected that today’s rates will face a correction once Chinese iron ore inventories are replenished and the strong grain season comes to an end. There is no doubt that the market does not have the ability to grow at the same pace we experienced the past couple of months since the overcapacity issue is still there and uncertainty over the global economy remains despite better forecasts.
However, what is more important to note is that dry bulk fundamentals are expected to improve and as a result the average earnings for the years ahead look to be better compared to previous ones. Hence, taking a long term perspective and in the event that the global economy will remain firm on its recovery path, the demolition market keeps active and the new building ordering will hold near its current pace (i.e. at a more moderate pace compared with booming years), we see substantial signs to be optimistic and expect to have an overall upside in freight rates over the coming years", Olziersky concluded.
Commenting on the new building market this week, Intermodal said that "activity on the new building front is keeping its pace, with the majority of the deals coming to light this past week being for dry tonnage. Although we are trying to be as realistic as possible regarding this recent boost in new building prices for dry bulkers, the truth is that most of the contracts that are being inked lately, are steadily done on firmer and firmer prices, creating a higher market average for almost all sizes in the sector. Some of the most recently reported orders for Capes are displaying a clear trend that we should be soon moving into the mid $ 50s million territory for the segment, having us think that from that level the figure could easily jump to the $ 60.0m area, especially for earlier slots should demand continue to be strong and the freight market improve further in the next twelve months. In terms of new orders, Greek owner Alpha Tankers & Freighters, was reported placing an order of four firm Capesize vessels (180,000dwt) at Hyundai Mipo, in S. Korea, for a price of $ 56.5m each and with delivery set between 2015 and 2016".
Source: Nikos Roussanoglou, Hellenic Shipping News
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Friday, 25 October 13
U.S. YEAR-TO-DATE COAL PRODUCTION REACHED TOTALLED 803.1 MMST
COALspot.com – United States the world’s second largest coal producer produced approximately 19.10 million short tons (mmst) of coal in ...
Thursday, 24 October 13
PANAMAX: RATES SLIP ACROSS BOTH HEMISPHERES
Handy
We were back from holidays but still not much enquiries in the market. Overall future direction is uncertain. Currently, ships passing Singap ...
Wednesday, 23 October 13
DRY BULK MARKET HAS SHOWN SIGNS OF STABILITY - INTERMODAL
Chartering (Wet: Stable+ / Dry: Stable-)
The Dry Bulk market has shown signs of stability this past week, with the sole exception of Capes, rates f ...
Wednesday, 23 October 13
MARKET SENTIMENT IN THE DRY BULK SECTOR REMAINS POSITIVE - YANNIS OLZIERSKY
Market sentiment in the dry bulk sector remains positive despite the latest correction in freight rates for the Capesize sector, which are sliding f ...
Tuesday, 22 October 13
NEWCASTLE PORT SERVED 38 OCEAN GOING VESSELS IN A WEEK
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port up 0.64 per cent week on week to 3.21 million mt for ...
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- Tamil Nadu electricity Board
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
- Mercator Lines Limited - India
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Jindal Steel & Power Ltd - India
- Kideco Jaya Agung - Indonesia
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Indogreen Group - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Independent Power Producers Association of India
- New Zealand Coal & Carbon
- London Commodity Brokers - England
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- Energy Development Corp, Philippines
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- White Energy Company Limited
- Sical Logistics Limited - India
- MS Steel International - UAE
- Interocean Group of Companies - India
- Larsen & Toubro Limited - India
- Commonwealth Bank - Australia
- Chettinad Cement Corporation Ltd - India
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- San Jose City I Power Corp, Philippines
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- Sarangani Energy Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- CNBM International Corporation - China
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Kumho Petrochemical, South Korea
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- Dalmia Cement Bharat India
- VISA Power Limited - India
- Minerals Council of Australia
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- Coalindo Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- Heidelberg Cement - Germany
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- PowerSource Philippines DevCo
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- Kaltim Prima Coal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Parliament of New Zealand
- Star Paper Mills Limited - India
- Africa Commodities Group - South Africa
- Savvy Resources Ltd - HongKong
- Uttam Galva Steels Limited - India
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- Makarim & Taira - Indonesia
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- Ind-Barath Power Infra Limited - India
- SMC Global Power, Philippines
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- Rio Tinto Coal - Australia
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
- South Luzon Thermal Energy Corporation
- Essar Steel Hazira Ltd - India
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- Pipit Mutiara Jaya. PT, Indonesia
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