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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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Tuesday, 26 January 16
Q3'16 CFR SOUTH CHINA COAL SWAP DROPPED BELOW $41 A TON
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery rose US$ 0.82 (1.94%) per ton month over month.
A commodity swap is ...
Tuesday, 26 January 16
OUTLOOK FOR GLOBAL OIL MARKETS - OPEC SECRETARY GENERAL
Opening address by HE Abdalla S. El-Badri, OPEC Secretary General, at the Chatham House Conference: Middle East and North Africa Energy 2016, Theme ...
Monday, 25 January 16
5700 GAR COAL INDEX CLOSED $ 50.08 PER TON, $0.20 LOWER FROM LAST WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 1.35 percent week over week to averaging $39.39 per ton on this past Friday, ...
Monday, 25 January 16
SHOULD A DEFAULTING PARTY BE ENTITLED TO AN INNOCENT PARTY'S SAVING, FOLLOWING THEIR BREACH OF CONTRACT? - THE NEW FLAMENCO REVISITED
KNOWLEDGE TO ELEVATE
This case was addressed by the club in our of January 2015, when the High Court decision became available. The background ...
Monday, 25 January 16
DRY BULK SHIPPING: A MISERABLE START TO A NEW YEAR, WHERE THE MARKET STRUGGLES TO GROW AT ALL - BIMCO
The global production of steel dropped in 2015 compared to 2014, to a larger extent outside China, as China exported its surplus of steel to destin ...
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- Mercuria Energy - Indonesia
- The Treasury - Australian Government
- IEA Clean Coal Centre - UK
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Rio Tinto Coal - Australia
- Larsen & Toubro Limited - India
- Siam City Cement - Thailand
- Economic Council, Georgia
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- Deloitte Consulting - India
- Planning Commission, India
- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- South Luzon Thermal Energy Corporation
- Bhatia International Limited - India
- Minerals Council of Australia
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- Bangladesh Power Developement Board
- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Tata Chemicals Ltd - India
- Maheswari Brothers Coal Limited - India
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- PTC India Limited - India
- The University of Queensland
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- Australian Coal Association
- Mintek Dendrill Indonesia
- Independent Power Producers Association of India
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- PNOC Exploration Corporation - Philippines
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- Central Electricity Authority - India
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- Eastern Energy - Thailand
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- Directorate Of Revenue Intelligence - India
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- GMR Energy Limited - India
- Eastern Coal Council - USA
- Bukit Makmur.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Iligan Light & Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- Makarim & Taira - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Coal and Oil Company - UAE
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- White Energy Company Limited
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Energy Development Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- Posco Energy - South Korea
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- Commonwealth Bank - Australia
- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- Pendopo Energi Batubara - Indonesia
- Interocean Group of Companies - India
- Ministry of Transport, Egypt
- Sinarmas Energy and Mining - Indonesia
- Anglo American - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
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