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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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Thursday, 27 February 14
SHIPPING LOANS WORTH $5 BILLION HAVE CHANGED HANDS OVER THE PAST YEAR, AS FUNDS INVEST IN SHIPPING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Funds investing in shipping has been the "talk of the town" over the past couple of years, as institutional investors, private equity and ...
Thursday, 27 February 14
NEWCASTLE COAL EXPORTS SLIP 26.68 PERCENT WEEK ON WEEK
COALspot.com: In the week ended 24 February 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, total 2. ...
Wednesday, 26 February 14
SMALLER SIZE SEGMENTS HOLDING ON TO THEIR LEVELS; CAPES CORRECTING UPWARDS - INTERMODAL
Chartering (Wet: Stable- / Dry: Stable+)
The Dry Bulk market continued to improve this past week, on the back of rates for the smaller size s ...
Tuesday, 25 February 14
GBCE, A COAL UPGRADING TECHNOLOGY DEVELOPER, APPOINTS RICHARD BULMAN AS PROJECT DIRECTOR
Press Release: GB Clean Energy Ltd. (GBCE) announced today the appointment of Richard Bulman as Project Director. In this capacity Mr. Bulman ...
Tuesday, 25 February 14
ULTRAMAXES ARE THE 'WEAPON OF CHOICE' FOR DRY BULK SHIP OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
It's been a busy start in 2014, as the first month of the year was a rather active in terms of second hand vessel purchases and newbuilding orderin ...
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- Wilmar Investment Holdings
- PNOC Exploration Corporation - Philippines
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Bulk Trading Sa - Switzerland
- Commonwealth Bank - Australia
- Salva Resources Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Borneo Indobara - Indonesia
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- South Luzon Thermal Energy Corporation
- GVK Power & Infra Limited - India
- CIMB Investment Bank - Malaysia
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- GMR Energy Limited - India
- Indonesian Coal Mining Association
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Metalloyd Limited - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- McConnell Dowell - Australia
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- Edison Trading Spa - Italy
- Vedanta Resources Plc - India
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- Star Paper Mills Limited - India
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- OPG Power Generation Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Antam Resourcindo - Indonesia
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- Ministry of Mines - Canada
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
- The University of Queensland
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Kumho Petrochemical, South Korea
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Timah Investasi Mineral - Indoneisa
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- Renaissance Capital - South Africa
- Economic Council, Georgia
- Banpu Public Company Limited - Thailand
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- Uttam Galva Steels Limited - India
- Aditya Birla Group - India
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Australian Coal Association
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