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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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Sunday, 24 November 13
SUPRAMAX FREIGHT RATES REMAINED FIRM FROM INDONESIA TO INDIA AND CHINA - SOLYM
COALspot.com: The freight market was fairly steady except for the Supramax in SE Asia region which continued to remain firm. The BDI was down by 1.5 ...
Friday, 22 November 13
DRY BULK MARKET STILL LACKLUSTRE, DESPITE PROJECTIONS OF A NEW RALLY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
We might still be about six weeks far from the end of the year, but the projected by many analysts upcoming rally of the dry bulk market, hasn't ye ...
Friday, 22 November 13
US COAL PRODUCTION DOWN 1.3% W-W
COALspot.com – United States the world’s second largest coal producer, produced approximately 19.5 million short tons (mmst) of coal in ...
Thursday, 21 November 13
TAIPOWER TO PROCURE 750K MT OF 5500 GAR BITUMINOUS COAL FOR MAY - AUGUST 2014
COALspot.com: Taiwan Power Company intends to procure 750,000 metric tons of bituminous coal with calorific value not lesser than 5,500 kcal/kg on a ...
Thursday, 21 November 13
CAPESIZE : THE DOWNWARD TREND HAS TURNED INTO NOTABLE SPOT AND PERIOD IMPROVEMENT - FEARNLEYS
Handy
The Atlantic market experienced a general rate increase for most trades this week. More cargoes in the market and chrts looking for prompt t ...
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- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- Global Business Power Corporation, Philippines
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- Singapore Mercantile Exchange
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Independent Power Producers Association of India
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Coal Council - USA
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- Aditya Birla Group - India
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- Petrochimia International Co. Ltd.- Taiwan
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- Power Finance Corporation Ltd., India
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- Australian Commodity Traders Exchange
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- The University of Queensland
- Mercator Lines Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- GMR Energy Limited - India
- Krishnapatnam Port Company Ltd. - India
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- Commonwealth Bank - Australia
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- Vizag Seaport Private Limited - India
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- VISA Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Miang Besar Coal Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- Billiton Holdings Pty Ltd - Australia
- Cement Manufacturers Association - India
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- Orica Mining Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- Larsen & Toubro Limited - India
- Planning Commission, India
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- Chettinad Cement Corporation Ltd - India
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- Metalloyd Limited - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- LBH Netherlands Bv - Netherlands
- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
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