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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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Saturday, 22 February 14
POTEN RAISES THE QUESTION OF ACCURACY IN CALCULATING TANKER FREIGHT RATES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
As the tanker market has grown in complexity over the course of the past few years, the question of whether the traditional methods of assessing rat ...
Friday, 21 February 14
INDONESIA PLAN TO CAP COAL OUTPUT AND HIKE ROYALTY; START MUSIC
COALspot.com: Energy and Mineral Resources Ministy of Indonesia is planning to increase the royalty for coal miners particularly for Mining Business ...
Friday, 21 February 14
THE WORLD'S SECOND LARGEST COAL MINER MINED 19.2 MMST OF COAL IN A WEEK, EIA SAYS
COALspot.com – United States the world’s second largest coal producer, mined approximately 19.2 million short tons (mmst) of coal in a w ...
Friday, 21 February 14
INDONESIA COAL OUTPUT CAP TO HURT MINERS RELIANT ON VOLUME GROWTH, FITCH SAYS
Fitch Ratings says that the credit profiles of mining sub-contractors and miners highly reliant on increasing volumes to support high debt servicing w ...
Thursday, 20 February 14
LENGTHY DELAYS TO PANAMA CANAL EXPANSION POSE GLOBAL TRADE RISKS; US COAL PRODUCERS TO GREATLY BENEFIT ONCE COMPLETE, SAYS WOOD MACKENZIE
Wood Mackenzie expects the recent cost overrun disputes around the Panama Canal expansion to be resolved with limited disruption due to the signific ...
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- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- Central Java Power - Indonesia
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Posco Energy - South Korea
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- Indonesian Coal Mining Association
- Timah Investasi Mineral - Indoneisa
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Metalloyd Limited - United Kingdom
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Gujarat Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Australian Coal Association
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- San Jose City I Power Corp, Philippines
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- Bhushan Steel Limited - India
- Jindal Steel & Power Ltd - India
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Banpu Public Company Limited - Thailand
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- Mintek Dendrill Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- Essar Steel Hazira Ltd - India
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- Sarangani Energy Corporation, Philippines
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- The University of Queensland
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- Chamber of Mines of South Africa
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- Manunggal Multi Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Toyota Tsusho Corporation, Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- London Commodity Brokers - England
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- White Energy Company Limited
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- Baramulti Group, Indonesia
- GAC Shipping (India) Pvt Ltd
- Semirara Mining Corp, Philippines
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- Economic Council, Georgia
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
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