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Wednesday, 07 January 15
2015 IS RIDDLED WITH CHALLENGES FOR THE SHIPPING SECTOR, MOST NOTABLY THE DRY BULK MARKET - HELLENIC SHIPPING NEWS
 As the new year has now set foot for real, many are still looking to detect what’s in store for the various shipping markets, with the first quarter of the year been the “compass” which will point towards this year’s direction in shipping. According to the latest weekly report from shipbroker Allied Shipbroking, “with the dry bulk market having started off the year on a fairly negative note there are some that see it as setting the tone of what we are set to see during the next 12 months. Though taking a look at the composite leading indicators for both China and India as well as the recent pick up in interest for iron ore we might be seeing an improvement in the works”.
Allied’s George Lazaridis, Head of Market Research & Asset Valuations, “there are however great fears to overcome this year before we can see better days. The recent economic crisis in Russia caused by the crippling sanctions brought about from the West and the drastic drop in oil prices (energy accounts for 25% of Russia’s gross domestic product – GDP) creates woes of global trade imbalance. At the same time worries have resurfaced regarding the stability and growth potential of the Euro-zone, as many voice concerns of a potential Greek exit from the Eurozone after the upcoming elections. Further to this, some of the largest economies, such as China, Japan and Germany, as well as several emerging markets have to tackle a slowdown in economic growth. This is all set to take place on the back drop of a fairly strong growth in the carrying capacity of the dry bulk fleet and it’s the dry bulk fleet that is most under threat now”.
According to the shipbroker, “most of the above mentioned will be fairly cleared out within the first two months of the year, while at the same time we should start to be able to get a better idea as to the direction the market will take. The hopes are for a stronger global GDP growth, with forecasts pointing to a 2.9% increase this year compared to 2.5% estimated to have been seen in 2014. This is mainly to be driven by the more bullish U.S. economy as well as an overall benefit that is expected to be seen if the current low oil prices persist. With regards to the latter the IMF has pointed to an increase of up to 0.7% in global economic activity which will be accounted by the lower energy prices. Further to this, the fact that most commodity prices have weakened considerably in the second half of 2014, means that overall costs have weakened, while these lower prices will allow for a continuation of the current low interest rate policies”.
Lazaridis added that “the current fog of uncertainty is likely to clear out after the Chinese New Year in mid-February. If the outcome is positive, we should see a spark of buying interest as prices will be ripe for the picking. If things turn for the worst then we might be set for a very difficult year, hopefully allowing for a clear out of some of the excesses that had been made in the past. In any case it looks as though 2015 will be giving truth to the phrase “the night is darkest just before the dawn”, or so we would like to hope”, he concluded.
Meanwhile, in the newbuilding market over these past couple of weeks, Allied said that “with 2014 having closed off at a fairly poor note and everyone worry-ing of even tougher market conditions to follow in the first half of 2015, many shipbuilders have already lowered their targets for the year, while we are likely to see a more aggressive marketing approach in an effort to steal some interest from the secondhand market. The way prices are holding right now this seems fairly difficult as it is hard to convince buyers to pay out such a premium the way the market is currently moving. At the same time, difficulties in terms of financing are likely to continue on in 2015, with particular difficulties to be seen as to the issuance of refund guarantees. As things stand now. S. Kore-an shipbuilders are better placed having put considerable focus on the tanker market as well as other niche markets which have been performing better in terms of earnings. In terms, of rumored deals, S. Korea’s Daewoo Shipbuilding has se-cured an order for 2 ice class LNG (172,000cbm) carriers for a price of US$ 317.0m each with delivery between 2017 and 2019″.
Finally, in the market for secondhand vessels, “further price drops have been noted in the Dry Bulk sector despite the limited activity which has taken place. Buyers have preferred to stay in the sidelines waiting for things to soften further, while many hope to see prices reach closer to the levels seen in early 2013. Interms of reported deals the Handysize “LEYDEN” (28k, 1995, Japan) was picked up for a price of US$ 5.1m. Things have been more bullish in the tanker sector, were the very promising performance in the freight market has rekindled interest by many buyers especially for the larger crude carriers. It is noteworthy to mention the fleet purchase by Genmar of 14 VLCC resales at a total enbloc price US$ 1.4bn”, Allied concluded.
Source: Nikos Roussanoglou, Hellenic Shipping News Worldwide
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Tuesday, 13 January 15
MORE PITFALLS FOR OWNERS LOOKING TO TERMINATE FOR UNPAID HIRE - INCE & CO
KNOWLEDGE TO ELEVATE
It is a debatable point whether or not the obligation to pay hire under a time charter is a condition of the contract or ...
Tuesday, 13 January 15
Q2 CFR SOUTH CHINA COAL SWAP DECLINED 8.66% M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery declined by US$ 3.48 (-5.73%) month over month and US$ 2.35 (-3.94%) week ...
Tuesday, 13 January 15
Q1' 2015 RICHARDS BAY COAL SWAP SLIGHTLY HIGHER THAN Q2 & Q4 2015 SWAPS
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q1' 2015 lost month on month and week over week.
The Q1 swap has lost US$ 7.21 ...
Monday, 12 January 15
COAL: LOW PRICES ARE EXPECTED TO DRIVE A SUPPLY-DRIVEN RECOVERY IN THE MEDIUM TERM - SGX
COALspot.com: Thermal coal prices dropped to six-year lows in 2014 driven by persistent oversupply, SGX says in its “ Commodities 2014 - A ye ...
Monday, 12 January 15
FREIGHT MARKET: 2015 FLEET SUPPLY GROWTH IS EXPECTED TO REMAIN SLIGHTLY AHEAD OF CARGO GROWTH - SGX
COALspot.com: The dry bulk freight market was forced to digest a number of negatives in 2014 leading the Baltic Dry Index to fall 66% through the y ...
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- Kobexindo Tractors - Indoneisa
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Makarim & Taira - Indonesia
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
- Eastern Energy - Thailand
- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- Attock Cement Pakistan Limited
- Interocean Group of Companies - India
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- SMC Global Power, Philippines
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- Central Java Power - Indonesia
- MS Steel International - UAE
- Edison Trading Spa - Italy
- International Coal Ventures Pvt Ltd - India
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- Australian Commodity Traders Exchange
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- PNOC Exploration Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Siam City Cement PLC, Thailand
- Ambuja Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Malabar Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- Borneo Indobara - Indonesia
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- Deloitte Consulting - India
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- White Energy Company Limited
- Latin American Coal - Colombia
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Bhushan Steel Limited - India
- Planning Commission, India
- Bangladesh Power Developement Board
- Orica Mining Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- Ind-Barath Power Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- Bhoruka Overseas - Indonesia
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- Formosa Plastics Group - Taiwan
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- Simpson Spence & Young - Indonesia
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
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