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Friday, 21 February 14
DRY BULK MARKET SHOWS SIGNS OF LIFE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has slowly started to emerge from the downfall it's been since the start of the year, as rates have began to pick up over the course of the past week, albeit at a rather slow pace. The Baltic Dry Index (BDI) ended yesterday slightly higher at 1,164 points, up by four points on the days, mainly as a result of the rise of the Supramax market, as all other segments were once again on the nagative side.
According to the latest weekly report from shipbroker Intermodal, the BDI has lost more than 50% since the December high it reached, but sentiment among the majority of players, regarding the future prospects of the market remained positive. "The asset market remains quite active both in second hand and new building orders and values are sustaining their upward trend. It could be said that this is a pattern of brighter future prospects. Time will tell but in the meantime let’s have a look at some market fundamentals and facts", the shipbroker noted.
Intermodal's Yannis Olziersky, SnP broker, mentioned that "as expected freight rates dropped significantly during January and the first half of February. Apart from the Lunar Holidays, which affected the market to a large extent, the Cape market was also affected by bad weather and by the credit restriction imposed to steel traders by China's Central Bank that affected the purchase of iron ore. Panamax rates also dropped due to lack of cargoes in both basins and especially in the Pacific.
On the smaller sizes, rates in the Atlantic were healthier, in the Pacific however things were completely different as there was a lack of cargoes due to the fact that the Indonesian government banned the exports of minerals like Nickel Ore and imposed taxes on other cargoes such as copper and iron ore. This eventually affected the Atlantic since a lot of tonnage ballasted towards the region to find business and as a result, this created an oversupply in the basin and affected rates negatively", Olziersky said.
He added that "despite the significant drop in rates, a brief comparison can indicate that freight rates are noticeably higher than those witnessed during the same period last year. Additionally, period fixtures of one year plus, have significantly increased (both in rates and volume), compared to last year, with reported rates for one year t/c for a Capesize being more than USD 20k/day, those for Panamaxes at region USD 14k/day and those for Supras in excess of USD 13k/day, which could be an indication that we are on the right track for a recovery. Apart from the above, commodity-wise, this year is expected to have more supply of grains coming out from the US due to the increased production, more demand for iron ore by China and increased coal demand for electricity plants. All this together with latest Economic Outlook from the IMF which has revised its projection for World Economic growth upwards to slightly higher than 3.7% for 2014 and 3.9% for 2015, are all indicators which cannot be ignored by market players and especially by those who are sitting on the sidelines and waiting for the right time to invest", he said.
According to the broker, "the uncertainty though as to what happens next still remains and this is what makes the shipping business an exciting world with great uncertainties and challenges. Traditional and experienced shipowners are familiar with shipping cycles hence they have the insight on when they should be investing. And it is indeed the case that many traditional owners have already and are still investing and renewing their fleet. Could this be a sign? Probably yes but then again time is the best judge to everything", Olziersky concluded.
Meanwhile, in a separate report, shipbroker Fearnleys commented on the Capesize market by noting that "spot remains at very poor levels despite seeing a 16% improvement w-o-w to come in at a daily average of USD 9600, and the contango in this segment is still worrying. In dramatic contrast to a very uninspiring spot, a "Cadillac" 181k dwt/built 2014 with extremely economical speed/consumption features has fetched USD 27k basis 10-14 months, delivery China end February - this comparing to some USD 23k on "standard" tonnage. Atlantic suffers from thin demand and continued/growing oversupply of tonnage, a situation not expected to change much in the days to come. At present the only bright spot is the Aussie/China coal and ore trades, being the sole reason for spot levels improving marginally".
On the Panamax front, Fearnleys said that "we see two very different markets in the two hemispheres now. The Atlantic is still falling, here we see very little fresh cargoes coming out and the list of tonnage is growing. An Atlantic round now pays around USD 8500/day, and we see positional business being done at far lower levels. The ECSA market is still weak, with too many ballasters for first half of March putting pressure on the rates. ECSA/Feast is now down to around 15k+500k compared to around 16k+600k at the end of last week. The bright spot on the other hand is the Pacific. Here rates are pushing upwards and we seeAustralia rounds fixed around USD 12k and nopac rounds fixing above USD 14k/day. The period market remains healthy; 1-year period is still paying around USD 14k daily", the shipbroker 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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- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- Chamber of Mines of South Africa
- London Commodity Brokers - England
- LBH Netherlands Bv - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- Jorong Barutama Greston.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- Posco Energy - South Korea
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- Central Java Power - Indonesia
- Planning Commission, India
- Vedanta Resources Plc - India
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Electricity Authority, New Zealand
- Minerals Council of Australia
- The Treasury - Australian Government
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Ind-Barath Power Infra Limited - India
- Gujarat Sidhee Cement - India
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Formosa Plastics Group - Taiwan
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- Economic Council, Georgia
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- Australian Coal Association
- Trasteel International SA, Italy
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- Deloitte Consulting - India
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Jindal Steel & Power Ltd - India
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