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Thursday, 13 February 14
DRY BULK MARKET FACES BETTER PROSPECTS ON THE BACK OF IMPROVING DEMAND AND SUPPLY BALANCE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has started off the New Year on the "left foot", with the strong finish of 2013 proving to be unsustainable, on the back of low seasonal demand. As a result, freight rates fell across the board, although the Handysize market is still close to a three-year high. In its latest report on the market, issued yesterday, BIMCO said that it believes that "the level of Capesize TC average rates will remain and stay around USD 4,500-10,000 per day. Panamax TC average rates will stay in the region of USD 5,000-11,000 per day. For the Supramax segment, BIMCO forecasts freight rates in the USD 7,000-11,000 per day interval, whereas Handysize rates are expected to stay strong in the region of USD 7,000-9,500 per day".
In his outlook on the market, BIMCO's Chief Shipping Analyst, Mr. Peter Sand noted that "as Q4-2013 was a massively strong quarter, the seasonal slowdown in Q1-2014 is likely to weigh a bit heavier than normally on freight rates. A drop of 8.8% in selected commodity volumes represent a clear seasonal direction in Q1, but if we look a bit further into the remaining three quarters, they all provide a solid rebound in demand. Chinese iron ore imports especially, but also the dry bulk market in general, is trailing off around the Chinese New Year season" he stated.
According to the report, "demand will be lower than in undisrupted months and thermal coal demand begins to ease as the Winter season in the northern hemisphere loses its grip. General shipping of nickel ore and bauxite will be far below normal levels because of the Indonesian ban– this in itself represents a change in demand beyond seasonality. Similar to the trend forecast in BIMCO Reflections 2014, demand will be centred on the major commodities. That trend has already affected Capesize rates in the most brutal way, as earnings have now entered into the sub-USD 10,000 per day zone; a decline of some 75% since early December".
Meanwhile, "in all the other segments volatility is more subdued, and over- and undershooting (up or down) seen to a lesser extent. At the end of January, Handysize tonnage is still earning in excess of USD 10,000 per day on a T/C average. This is a three-year high.
Q1 holds little room for upside, with most focus being on weather related disruptions in e.g. Australia to intrude on normal trading as well as regulatory issues affecting not just Indonesian exports but Columbian coal exports and Indian exports/imports in general, e.g. via export duties. As demand in volumes grew by 5.4% in 2013, the fundamental market balance only improved if slow steaming was applied more extensively. BIMCO believes that was the case, but only marginally. For 2014, an improvement in the market balance is clearly achievable. For it to materialise, owners and operators need to apply slow steaming to at least the same extent as last year. Only by managing the supply side carefully will higher earnings follow in the wake", it was noted.
Supply
In terms of supply, which is equally if not even more crucial to the long term viability of the industry, BIMCO said that "the demolition side of shipping will be amongst the “ones to watch” in 2014. As the order book keeps building up and eventually brings around more newbuild tonnage to cater for demand, owners might consider taking advantage of the strong demolition prices currently available to let go of less efficient ships.
In 2013, 22.2 million DWT was demolished, mostly in the smaller segments. This was 50% below the level of 2012 but considered a strong number, one that is unlikely to be repeated this year. The average age of a scrapped Capesize was 24, whereas the average demolished Handysize vessel was 30 years of age. Going forward, try to consider this as a potential scenario: the current stock of dry bulk shipping capacity equals 728 million DWT. All ships built in 1993 or earlier comprise just 68 million DWT, which is less than 10%. In comparison, taking out all ships beyond the average scrapping age in recent years (29 years), comprises just 20 million DWT. History tells us that is unlikely to happen, especially in a rising market. Thus, BIMCO forecasts 14 million DWT (or 1.9% of the current fleet) will be demolished in 2014. The fleet grew by 40 million DWT net in 2013, equal to 5.9%. BIMCO forecasts that 2014 holds 47 million DWT of newbuild capacity in store, which will be offset by 14 million DWT, leaving the fleet to bring supply growth of 4.5% around. Such a growth rate denotes an 11-year low. 2015 is already set for higher growth rates, so 2014 represents a short temporary dampening of the high growth of the fleet", it was mentioned.
"As regards the orderbook, the number of new Panamax orders has been extremely slim, in 2013 accounting for just 16% of the capacity ordered. This is a clear counterbalancing statement by the industry in response to the high fleet growth seen in that segment in the previous 15 months. Despite new orders for 197 Capesizes and 80 million DWT in total, the size of the dry bulk fleet today means that the orderbook-to-fleet ratio in the Capesize segment and total dry bulk fleet lands at just 20.5% and 20.7% respectively", the report concluded.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Tuesday, 04 March 14
AUSTRALIA'S NPC TO SHIP 11.85 MMT OF COAL IN MARCH
COALspot.com: In the week ended 3 March 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, total 3.15 m ...
Tuesday, 04 March 14
HIGHER PRICES AND STEADY FREIGHT RATES LEAD SHIP OWNERS TO TEMPORARILY HALT SECOND HAND VESSEL PURCHASES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
As the dry bulk market has kept on improving, but at a very slow rate, ship owners have elected to take a step back from the flurry of the S&P m ...
Monday, 03 March 14
SUB-BIT INDONESIA COAL SWAP (FOB) FOR AVERAGE Q115 CLOSED AT $60.28, $ 1.70 HIGHER THAN 2Q14
COALspot.com – Indonesia, the world’s largest exporter of the thermal coal's swaps for delivery April - June 2014 slightly corrected do ...
Monday, 03 March 14
API 8 CFR SOUTH CHINA SWAPS: Q4' 2014 DELIVERY CLOSED US$ 1.40 HIGHER COMPARED TO Q2' 2014 DELIVERY
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 deliveries lost 1.90 percent month on month and closed at US$ 76.27 per mt as on Fr ...
Monday, 03 March 14
COSTS LIABILITY PASSING DOWN A CHARTERPARTY CHAIN - SKULD
KNOWLEDGE TO ELEVATE
Provided that charterparties are on back to back terms, and the claim is successful, liability for costs incurred shoul ...
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Showing 3821 to 3825 news of total 6871 |
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- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rio Tinto Coal - Australia
- Australian Coal Association
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Siam City Cement - Thailand
- Riau Bara Harum - Indonesia
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- The University of Queensland
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- Aditya Birla Group - India
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Ambuja Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- TeaM Sual Corporation - Philippines
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Sarangani Energy Corporation, Philippines
- CNBM International Corporation - China
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- Central Electricity Authority - India
- Bukit Makmur.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- Mercuria Energy - Indonesia
- MS Steel International - UAE
- Kohat Cement Company Ltd. - Pakistan
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- Bhatia International Limited - India
- Mjunction Services Limited - India
- Indika Energy - Indonesia
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Planning Commission, India
- Petron Corporation, Philippines
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- Medco Energi Mining Internasional
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- Anglo American - United Kingdom
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- Bayan Resources Tbk. - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Mercator Lines Limited - India
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- Kepco SPC Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- Straits Asia Resources Limited - Singapore
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- ICICI Bank Limited - India
- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Aboitiz Power Corporation - Philippines
- Independent Power Producers Association of India
- Price Waterhouse Coopers - Russia
- Singapore Mercantile Exchange
- PTC India Limited - India
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Trasteel International SA, Italy
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Tamil Nadu electricity Board
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Ind-Barath Power Infra Limited - India
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- VISA Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
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