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Monday, 08 February 16
DRY BULK: SHIPBROKER SEES BDI MARKET REACHING LOW POINT OF 236 POINTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
 The endless pit that is the dry bulk market over the past two months, has been the issue of debate among ship owners, shipbroker and analysts alike, as market delegates are looking for ways to cope with the record low freight rates and determine whether the market will go next. In its latest weekly report, shipbroker Allied Shipbroking said that “with January having closed off with record lows on almost all dry indices (the exception is for the Capesize index which thanks to a small rally during the final week managed to prop slightly higher than the low of 185 points that was achieved on the 19th), many are feeling the pressure and are worried that this market has no bottom and has turned into an endless black hole”.
According to Allied’s Head of Market Research & Asset Valuations, Mr. George Lazaridis, “the initial resistance point many believed the market would reach was at 345 in the BDI. This was reached this Tuesday, with quick softening followed on subsequent days easily breaking below this level. The next point in sight that it seems should provide some resistance to further drops should be at around 298 points”. This was also reached on Thursday, while Friday’s session saw thw BDI closing at 297 points. Lazaridis said that “to put this index value into perspective and given the current state of each of the individual markets, this point would refer to average TCE rates of the Capesize at around US$ 2,618pd, that of Panamaxes at US$ 2,161pd, Supramaxes at US$ 2,989pd and that of Handysizes at US$ 3,034pd.”
Yet, the main question still remains as to if this will really be a resistance level that will be hard to break. According to Lazaridis, “Logically there is a level at which the market just doesn’t make sense for anyone to trade below that point. This however depends on a number of factors with most prominent that of the time period that has passed under which the market has been receiving “subpar” rates. To explain this further, owners might be willing to accept abnormally low freight rates if they know it will only be for one-two voyages (i.e. it is a small glitch in the market). However, it is nonsensical to continually trade for long periods of time at a constant loss. Therefore, given the fact that we have been seeing these poor freight levels for around two months now and given the rumours of many owners in the market already looking seriously into their options in terms of cold lay-up, it makes sense to assume that we are under the case of the latter and are likely going to hit a level deemed as the absolute low the market can sustain for now”, Allied’s analyst noted.
He added: “Noting at the same time that we have already seen a break in the consecutive negative days posted in the Capesize market, it looks as though we can presume that this size segment might well have reached its absolute low under the current market conditions, fluctuating thereafter at levels just above and just below this until the market finds a foothold from where to improve. Taking the same premise however on all the other size segments and we see that this next theoretical resistance point will likely be reached easily within this week and could possibly drop even further”.
According to Lazaridis, “a more reasonable resistance level is likely going to prove to be at 236 points on the BDI, a level that will be hard to reach as it will require the combination of all four size segments reaching their theoretical “breaking points” at the same time, but given the market conditions we have seen over the past month, it doesn’t sound like it’s an unthinkable scenario either. Nevertheless, all this will prove to be theoretical, as in practice the market may well have further surprises down the road. The current levels are already well below what the majority of owners can sustain given their OPEX levels, as such pushing more and more to take up options such as that of scrapping or layingup vessels and in turn helping improve the supply side of things”. On the demand side of things many are hopeful of slightly better interest from Charterers after the Chinese New Year, however these hopes have faltered in the past and may well do again”, he concluded.
Source: Nikos Roussanoglou, Hellenic Shipping News Worldwide
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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 ...
Sunday, 24 January 16
PANAMAX MARKET WEAKENS ACROSS THE BOARD
COALspot.com: The Baltic Dry Index, which gauges the cost of shipping dry bulk including iron ore, cement, grain, coal and fertiliser, fell ninetee ...
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- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Bulk Trading Sa - Switzerland
- Star Paper Mills Limited - India
- CNBM International Corporation - China
- Indian Oil Corporation Limited
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Karaikal Port Pvt Ltd - India
- Wilmar Investment Holdings
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Jindal Steel & Power Ltd - India
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- AsiaOL BioFuels Corp., Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- Planning Commission, India
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- PNOC Exploration Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- Deloitte Consulting - India
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Alfred C Toepfer International GmbH - Germany
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- White Energy Company Limited
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- Vijayanagar Sugar Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- Bhushan Steel Limited - India
- Uttam Galva Steels Limited - India
- Orica Australia Pty. Ltd.
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- Siam City Cement PLC, Thailand
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Australian Coal Association
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- Oldendorff Carriers - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- Miang Besar Coal Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- PTC India Limited - India
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aditya Birla Group - India
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- Toyota Tsusho Corporation, Japan
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- Mercator Lines Limited - India
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- McConnell Dowell - Australia
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