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Friday, 15 November 13
DRY BULK MARKET STILL LINGERING ON, DESPITE PREDICTIONS OF NEW IMMINENT RALLY PRIOR TO THE YEAR'S END - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market hasn't yet managed to stage a new comeback after its retreat from the recent multiyear highs. Yesterday, the industry's benchmark, the Baltic Dry Index (BDI) was down by 14 points to 1,517. Capesizes and Panamaxes led the losses, with the Baltic Capesize Index losing 58 points, while its Panamax counterpart was down by36 points on the day. Supramaxes on the other hand, have maintained their upward momentum, rising by another 14 points to reach 1,339 in total.
In its latest weekly report, shipbroker Fearnleys noted on the Capesize market, that "there are no signs of the rally which is still expected to happen before Christmas, however rates are rather keeping steady. Out of Brazil it appears Vale is picking ships quietly for Tubarao/Qingdao, where present level is mid 21s pmt. In the Pacific there has been a good number of west Australia fixtures however levels are still around USD 9.00 pmt. There is also a steady amount of East coast Australia cargoes, but not affecting rates in any positive direction. Demand for period ships is generally healthy, but with the mentioned expected rally owners are holding back".
On the Panamax market, Fearnleys commented that "this week started with a cold shower on the north Continent when suddenly ships fixed USD 12k for quick rounds down USD 3k from last Friday. We see quite a bit of fresh requirements, but a long list of open ships makes sure that the market is still sliding down. For longer duration business in the Atlantic ships can still get around USD 14k. The fronthaul market is sliding together with the rest of the market, but some players argue that the USG grain market will come back again before Christmas considering the record harvest season in the USA. Now ships fix around USD 18+800k for trip via USG to China. The Pacific has kept on falling during this week. Now ships in north China get around 10k for round trips, with several fixtures already fixed at four digit numbers as well. Not that many long period fixtures reported, but market should be around USD 11500 for 1 year".
Finally, on the Handy front, Fearnleys said that "the Atlantic market has picked up this week with prompt ships able USG for November dates coming off and chrts need to pay up in order to cover their stems. Fhauls bss Cont-Med delivery are also seeing increased rates and we expect the Atlantic to continue its firming tendency into next week.After last week´s rate increase in the Feast we are now seeing the activity coming off. Owners with ships open in South China rating USD 13k for trips via Indonesia to India and chrts now looking to plan ahead and take in ships from North China in order to get the discounted rate. The better paying nickel ore rounds are being fixed in the mid-teens and the period market is picking up pace. Some owners would like to cover their positions over New Years and now starting to look for takers".
In its third quarter results report, owner of dry bulk carriers Knightsbrige (which also owns several VLCC tankers), said that the bulk market surprised forecasters during the third quarter. Cape spot earnings peaked at $42,200 per day on September 25 and the average spot earnings for the quarter was $19,000 per day. Under normal circumstances dry bulk analysts have a fairly common view of the utilization of the dry bulk fleet, but the spread between the estimates has been wider than normal. Cape earnings during the third quarter should indicate a utilization of 82 to 84 percent based on historical data for that segment.
After iron ore inventory draw downs for several months during the first half of 2013, imports in the third quarter resulted in slightly higher stockpiles in major Chinese iron ore ports. A massive 217 million metric tones (mt) of iron ore was imported during the third quarter. This compares with 185 million mt in the same quarter last year, which represents an increase of 17 percent. Coal imports to China reached 70 million mt in the third quarter this year compared to 52.4 million mt in the same quarter last year.
"Vessel values have reacted positively to the improved spot and longer term time charter markets. A Cape resale has over the year moved from $44 million to $52 million (concluded last month) and a 5 year old Cape has been sold at $40 million compared to $34 million a few months ago. In October, Korean yards are said to have concluded newbuilding orders for their outline specifications for delivery 2015/16 at $55 million. Values for smaller vessels have improved as well, but gains are more modest.
One important part of dry bulk fleet utilization is speed and consumption optimization. Since March 2011, bunker prices have been on or above approximately $600/mt. It took some time, however, before owners started to slow steam on a broader scale. With a bunker price of $600/mt the optimal speed in a $30,000 per day market is considered to be 12.5 knots for a Cape size (basis average laden and ballast). During the third quarter, some owners started to increase speed when the market picked up, but quickly reduced speed when the market softened a few weeks later. The third quarter of 2013 was maybe the first and most active quarter when it came to pro active speed and consumption optimization. It is important to bear in mind that the total fleet has never sailed faster than 13.7 knots on average since 2007, so the impact should not be over exaggerated but it might contribute to a floor and ceiling in freight rates in the medium term" the company concluded in its report on the market.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Thursday, 05 December 13
PANAMAX : THE FIRM TENDENCY CONTINUES - FEARNRESEARCH
Handy
It has been an active week for the Supramax and Handysize segment. USG is almost boiling and charterers looking to cover their December stems ...
Wednesday, 04 December 13
INDONESIAN COAL EXPORTS VOLUME AND REVENUE IN OCTOBER MARCHED TOWARDS NORTH
COALspot.com: Indonesia, the world's 4th largest coal producer and the largest multi grade coal exporter shipped over $1.76* billion worth of ...
Wednesday, 04 December 13
WEST AUSTRALIA IRON ORE FIXTURES ALSO CONTINUING TO PROVIDE A STEADY FLOW OF BUSINESS FOR CAPES - INTERMODAL
The Dry Bulk market has reversed course this past week, bringing back some of the lost excitement of the past month, as all size segments climbed hi ...
Wednesday, 04 December 13
THE BUYERS' DEMAND IS CONTINUOUSLY BULLISH - KONSTANTINOS KONTOMICHIS
The very low rates that prevailed for the bigger part of 2013 seem to have prepared the ground for buying opportunities for shipping investors. The ...
Wednesday, 04 December 13
SGX AND CFA TO COLLABORATE TO DEVELOP DERIVATIVES MARKETS IN CHINA AND SINGAPORE
Singapore Exchange (SGX) and the China Futures Association (CFA) are cooperating in the development of derivatives markets in China and Singapore.
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- Krishnapatnam Port Company Ltd. - India
- Romanian Commodities Exchange
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Samtan Co., Ltd - South Korea
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Agrawal Coal Company - India
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- Goldman Sachs - Singapore
- Energy Link Ltd, New Zealand
- Leighton Contractors Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Thai Mozambique Logistica
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- Bukit Baiduri Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- New Zealand Coal & Carbon
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- Meralco Power Generation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- Electricity Authority, New Zealand
- Planning Commission, India
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- GVK Power & Infra Limited - India
- Metalloyd Limited - United Kingdom
- ASAPP Information Group - India
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- Directorate General of MIneral and Coal - Indonesia
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- South Luzon Thermal Energy Corporation
- Ambuja Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- Kobexindo Tractors - Indoneisa
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- TeaM Sual Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- Madhucon Powers Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Oldendorff Carriers - Singapore
- CNBM International Corporation - China
- Miang Besar Coal Terminal - Indonesia
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Central Electricity Authority - India
- Georgia Ports Authority, United States
- Riau Bara Harum - Indonesia
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- VISA Power Limited - India
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- Central Java Power - Indonesia
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- Commonwealth Bank - Australia
- Meenaskhi Energy Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
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