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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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Friday, 08 November 13
DRY BULK MARKET BOUNCES BACK ON RENEWED DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market staged a mild comeback this week, as the industry's benchmark, the Baltic Dry Index (BDI) inched forward step by step and bit b ...
Friday, 08 November 13
US'S OCTOBER COAL PRODUCTION INCREASED BY 1.78% M-M - EIA
COALspot.com – United States the world’s second largest coal producer, produced approximately 19.3 million short tons (mmst) of coal in ...
Thursday, 07 November 13
FORMOSA PLASTICS SEEKS 80K MT OF 5850 GAR COAL
COALspot.com: Taiwan's Formosa Plastics Group is inviting bids for 80,000 mt of bituminous coal for delivery in Nov - Dec'13 for its Chi ...
Thursday, 07 November 13
INDONESIAN COAL EXPORT VOLUME INCREASED; REVENUE DECREASED
COALspot.com: Indonesia, the 15th largest economy, 4th largest coal producer in the world and world's largest multi grade coal exporter shipp ...
Thursday, 07 November 13
THE ENERGY INDUSTRY'S RISING WATER CHALLENGE - WOOD MACKENZIE
Water poses a variety of business risks for the energy industry, and could play an influential role in shaping the future energy supply mix, accordi ...
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- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Romanian Commodities Exchange
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- MS Steel International - UAE
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Krishnapatnam Port Company Ltd. - India
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Kumho Petrochemical, South Korea
- Asmin Koalindo Tuhup - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
- GMR Energy Limited - India
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- Gujarat Mineral Development Corp Ltd - India
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- Independent Power Producers Association of India
- Karaikal Port Pvt Ltd - India
- Parliament of New Zealand
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- Jorong Barutama Greston.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Tamil Nadu electricity Board
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- McConnell Dowell - Australia
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- Antam Resourcindo - Indonesia
- Kartika Selabumi Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- CNBM International Corporation - China
- Singapore Mercantile Exchange
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Indian Oil Corporation Limited
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- VISA Power Limited - India
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Lanco Infratech Ltd - India
- Bhoruka Overseas - Indonesia
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Siam City Cement PLC, Thailand
- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Sree Jayajothi Cements Limited - India
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