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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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- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- Semirara Mining Corp, Philippines
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- San Jose City I Power Corp, Philippines
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Parliament of New Zealand
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Tata Chemicals Ltd - India
- PTC India Limited - India
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Wilmar Investment Holdings
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- GMR Energy Limited - India
- Thai Mozambique Logistica
- Central Electricity Authority - India
- Riau Bara Harum - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Oldendorff Carriers - Singapore
- Baramulti Group, Indonesia
- White Energy Company Limited
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Port Waratah Coal Services - Australia
- Malabar Cements Ltd - India
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Africa Commodities Group - South Africa
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- The Treasury - Australian Government
- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
- Deloitte Consulting - India
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- Siam City Cement - Thailand
- Chamber of Mines of South Africa
- Straits Asia Resources Limited - Singapore
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- New Zealand Coal & Carbon
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Standard Chartered Bank - UAE
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- Timah Investasi Mineral - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- ICICI Bank Limited - India
- Cigading International Bulk Terminal - Indonesia
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