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Friday, 08 January 16
DRY BULK MARKET'S CRISIS DEEPENS AS RATES ARE DROPPING TO NEW RECORD LOWS BY THE DAY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
 Just when you would think that the dry bulk market is reaching its bottom, even as it has long surpassed all-time lows, each day that passes by at the start of 2016, brings about more bad news. Yesterday, the industry’s benchmark, the Baltic Dry Index (BDI) reached new lows, plunging by 22 points to a mere 445 points. As it turns out, things will most likely turn worse, before they get better.
In its latest weekly report, commenting on the Capesize market, shipbroker Fearnley’s noted that “as expected rates have been under pressure the first week of the new year. West Australia / China rates are up from sub 3 pmt levels during Christmas to approx USD 3,30 with a slightly further improvement expected. Fronthaul cargoes remain scarce. Some period activity with short period fixtures beeing concluded around the USD 4,500 a day for 175,000 dwts”, said the shipbroker.
Meanwhile, in the Panamax market, Fearnleys said that “activity in the Atlantic seems to increase a bit after X-mas and new year, especially grain from USG and ECSA to far east absorbing tonnage. Transatlantic roundvoyages paying arnd 4000 USD depending delivery, duration and redelivery. Cold weather and more ice can make Baltic and North Atlantic tight, if iceclassed tonnage needed. Sofar rates steady. Rates moving up for fronthaul and 10.000 + 150 bb reported fixed from USG to feast. ECSA to feast paying mid 7 k + 220 k bb.
Grain from ECSA to continent paying mid 6k for a good Kamsarmax. Nopac rounds paying 4000 USD + 100 k bb. Pacific rounds hovering around low/mid USD 3000. Period market slow but
we believe modern tonnage get arnd USD 5500 for 1 year”, the shipbroker noted.
Finally, in the Handy markets, Fearnleys said that “after a quiet holiday period, the market has slowly awakened from its slumber. Rates are not running away but the market looks like it is finding a bottom. Averages for a Surpa are now around mid USD 4000’s and only marginally down from pre Christmas levels. 2016 has started with a couple of period fixtures reported at low USD 6000’s for Ultramaxes. Thus by default Supras will only be worth something in the USD 5’s for a 12 month deal”, it concluded.
In a note this week, BIMCO said that in 2016, it expects the supply-side to grow by around 2% (2.6% in 2015E) – and that this will be helped by a new record level of scrapping. On the demand-side, growth is forecast to remain level. Challenging market conditions in China will be likely to affect the level of risk.
According to the organization’s review of 2015, “the dry bulk market experienced a troublesome 2015 as the ongoing decline in Chinese coal imports was not countered by any significant upswing elsewhere. Whereas iron ore imports were on a par with 2014, steel export from China reached a new high, benefitting mid-sized ships. For 2016, much depends on what Chinese steel mills will do. Will they continue production above domestic consumption – or substitute domestically mined ore with imported ore? The jury is still out.
At the end of November, the Baltic Dry Index hit 498, a new all-time low. For most of the year, the majority of ships have traded below OPEX levels, resulting in financial losses for many companies. The horrific first half of 2015 brought around a new half-year record for scrapping. Improvements in the freight market during Q3 regrettably cooled down demolition market activities. Nevertheless, fleet growth recorded a twelve-year low.
Meanwhile, in the newbuilding market, Fearnleys noted that “only six days into the new year, most of the contracts in the below table were reported in the latter part of December. On the tanker side aframaxes were in focus as Tsuneishi secured an order for 8 vessels of which four went to their “in-house” owners Kambara Kisen. Ship Finance went to Daehan (Korea) for two option two LR2 type product carriers to be delivered in the second part of 2017. The contract was done in combination with a 7+2 years charter to US based Energy Company. At the doorstep of a new year we expect yards to compete strongly for new contractcs in a market with diminishing demand and prices under continous pressure”, the shipbroker concluded.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Thursday, 04 February 16
CAPESIZE: WEST AUSTRALIAN TO CHINA HAS BEEN CONCLUDED AT US$ 2.85 PMT AND THE C3 MARKET REMAINS INACTIVE - FEARNLEYS
Capesize
As everyone is getting ready for the Chinese new year, already depressed rates are under further pressure.
According to Fearnleys, ...
Wednesday, 03 February 16
DRY BULK MARKET CONTINUES TO BE UNDER PRESSURE - INTERMODAL
The Dry Bulk market continues to be under pressure, with the BDI remaining in search of even the slightest support, which seems to be delaying more ...
Tuesday, 02 February 16
RECORD EXPORTS THROUGH SOUTH AFRICA'S RICHARDS BAY COAL TERMINAL MADE AT EXPENSE OF SMALLER RIVALS, IHS SAYS
Five percent increase in coal exports through South Africa’s dominant Richards Bay Coal Terminal in 2015 unlikely to accelerate country&rsquo ...
Tuesday, 02 February 16
SETTING ASIDE, STRIKING OUT AND APPEALS TO THE COURT OF APPEAL IN SHIP ARRESTS - RAJAH & TANN ASIA LLP
KNOWLEDGE TO ELEVATE
The Singapore Court of Appeal once again has had to grapple with ship arrest, setting aside and appeals to the Court unde ...
Monday, 01 February 16
DRY BULK SUFFERS FROM POSEIDON'S POTENT PRONGS - CLARKSONS
It has been a grim start to 2016 for the bulkcarrier market, with the Baltic Dry Index sliding to new record lows on almost every day of the year s ...
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- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- Planning Commission, India
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Economic Council, Georgia
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Mercator Lines Limited - India
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- Sindya Power Generating Company Private Ltd
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Gujarat Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- Sree Jayajothi Cements Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- The University of Queensland
- Port Waratah Coal Services - Australia
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Globalindo Alam Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- Interocean Group of Companies - India
- Orica Australia Pty. Ltd.
- Neyveli Lignite Corporation Ltd, - India
- Coalindo Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- Coal and Oil Company - UAE
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- Edison Trading Spa - Italy
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- McConnell Dowell - Australia
- CNBM International Corporation - China
- Independent Power Producers Association of India
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- Jaiprakash Power Ventures ltd
- Iligan Light & Power Inc, Philippines
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- Australian Coal Association
- Indika Energy - Indonesia
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
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