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Thursday, 10 April 14
DRY BULK MARKET IS RISING CLAIMS BIMCO - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite the recent fall of the Baltic Dry Index (BDI), when one compares the first quarter of 2014, to similar quarters of the recent past, it is apparent that the market is rising, claimed BIMCO in its latest market analysis for the April/May period. For this period, BIMCO believes that the level of Capesize TC average rates will hover around USD 12,000-22,000 per day. Panamax TC average rates will still feel the supply pressure in the region of USD 5,000-10,000 per day. For the Supramax segment, BIMCO forecasts freight rates in the USD 10,000-14,000 per day interval supported by more Atlantic cargoes, whereas Handysize rates seen in the solid region of USD 8,000-10,000 per day.
DEMAND
According to BIMCO's report, "while freight rates for Capesize ships have fended off the talk of a slowdown in China in an impressive fashion, rates finally took a minor hit on the final trading days of March. As the strong sentiment eased, it caused a derivatives sell-off in its wake. When comparing the performance of freight rates in the first quarter of 2014 to previous years, it becomes clear that the market is rising. In the first quarter, average freight rates are significantly up from the multi-year low Q1 rates in 2013. Capesize rates went up by as much at 167% at USD 16,198 per day, whereas the other three dry bulk sub-segments all improved by 50% on last year’s first quarter TCE average earnings".
BIMCO added that "despite the year-on-year improvements, the complete lack of volatility outside the Capesize segment means that spot operators’ trading possibilities have been scarce. Time charter rates are steadily moving up, while spot rates are moving sideways. In the anticipation of an improving freight market going forward, owners and operator have increased their spot market exposure to take advantage of this. Following the weakness around the Chinese New Year, Capesize spot rates bounced back surprisingly strongly from the USD 8,000 per day level in early February to deliver a March average at USD 22,000 per day. That performance also lifted the period market to highs not seen since 2010. Rates for 6-12 months’ time charters hit USD 30,000 per day during the second half of March".
In terms of demand, the report noted that "the South American grain season is at its height in April, May and June, with Brazil confirming its position as the world’s leading exporter of soybeans, with 45 million tons of exports. On the imports side, China is on the move in a big way, expecting to import 68.5 million, up by 15% on last season. China accounts for 80% of the incremental volume growth expected for the coming season, providing a lot of tons-mile into the market. 2014 will be a year with full focus on the big mining companies, who are ramping up the production of iron ore by as much as 170 mill tons in 2014. This flooding of the market has already brought ore prices down from USD 130-140 during H2-2013".
BIMCO's Chief Shipping Analyst, Mr. Peter Sand, noted that "ordering activity went up by 258% in 2013 as compared to the year before. During the fourth quarter of 2013, more tonnage (31.7 million DWT) was ordered than in the full year of 2012 (24 million DWT). The stronger demand for new contracts also meant the newbuilding prices from all Far Eastern shipyards have gone up by 12-23% since the beginning of 2013. The larger the ship, the higher the increase has been. Recent resale deals indicate that prices continue to rise on the back of strengthened optimism. At the end of March, four South Korean to-be-built Capesize ships for delivery in 2015/16 had a price tag of USD 60.5 million. This is the same price tag for Japanese built ships of that size, whereas the Chinese newbuilding is set at USD 53.2 million".
The report concluded that "regardless of much optimism in the overall sector, sales indicate short-term pessimism in the Panamax sector. Ships with a capacity of 80,000 DWT, built in China and delivered in 2014, come with a price tag of USD 23-24 million. The newbuilding price for same ship size and build for delivery in 2016 is USD 30 million The still-hectic delivery pace, at 3.5 Panamax ships a week, is part of the explanation for the discount on soon-to-be-delivered Panamax tonnage. Following some frantic delivery years, the pulse of shipyard output is significantly down from the one-Capesize-ship-a-day of the peak years (2010-2012) to more normal levels, going forward at 2.5 ships per week in any given dry bulk sub-segment".
Source: Nikos Roussanoglou, Hellenic Shipping News Worldwide
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Monday, 14 April 14
CHINA'S MEASURES TO STIMULATE ECONOMY'S GROWTH COULD OFFER ROOM FOR STABILITY IN SHIPPING MARKETS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Since the outbreak of the 2008-crisis, the shipping industry, in most of its aspects, i.e. dry bulk and tanker markets alike, has been dealing w ...
Sunday, 13 April 14
INDONESIA TO INDIA FREIGHT MARKET DECLINE CONTINUES
COALspot.com: The freight market continued to drop this week and BDI almost touched 1000 points. BDI closed at 1002 points fell 16.85 pct week o ...
Saturday, 12 April 14
HOW DO YOU CALCULATE LOSS OF EARNINGS FOLLOWING A COLLISION? - INCE & CO
KNOWLEDGE TO ELEVATE
The recent case of Astipalaia vs Hanjin Shenzhen [2014] EWHC 120 (Admlty) has revisited the existing case law on asses ...
Friday, 11 April 14
US COAL PRODUCTION IN MARCH INCREASED 9.69% TO 82.6 MMST MONTH ON MONTH
COALspot.com – United States the world's second largest coal producer, produced approximately 19.10 million short tons (mmst) of coal ...
Wednesday, 09 April 14
DRY BULK MARKET STRUGGLED THROUGHOUT THE WEEK - INTERMODAL
The Dry Bulk market struggled throughout the week but the poor performance across the board didn't allow for any positive reversal, pushing ...
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- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- Energy Development Corp, Philippines
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- Aboitiz Power Corporation - Philippines
- Agrawal Coal Company - India
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- PTC India Limited - India
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- Mjunction Services Limited - India
- Indogreen Group - Indonesia
- Toyota Tsusho Corporation, Japan
- Neyveli Lignite Corporation Ltd, - India
- Petron Corporation, Philippines
- McConnell Dowell - Australia
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Minerals Council of Australia
- VISA Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
- Miang Besar Coal Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Indian Oil Corporation Limited
- Attock Cement Pakistan Limited
- Coastal Gujarat Power Limited - India
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- Coal and Oil Company - UAE
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- Iligan Light & Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- Posco Energy - South Korea
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Transport, Egypt
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- Directorate Of Revenue Intelligence - India
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- Medco Energi Mining Internasional
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- Global Coal Blending Company Limited - Australia
- Anglo American - United Kingdom
- White Energy Company Limited
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- AsiaOL BioFuels Corp., Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Marubeni Corporation - India
- Wilmar Investment Holdings
- LBH Netherlands Bv - Netherlands
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- Chettinad Cement Corporation Ltd - India
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
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