We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
Tuesday, 05 April 16
DRY BULK REVISITS 1980S LOWS AND FACES UNCERTAIN LONGER TERM OUTLOOK - MSI | HELLENIC SHIPPING NEWS
 With the market near bottom, attention is turning to the length of the downturn, the effect on asset values and the impact of broader demand side changes.
April 4, 2016. In terms of annual average fleet employment rates, the dry bulk market has now dropped to levels last seen over 20 years ago in 1992, according to the latest quarterly dry bulk market forecast from MSI*.
However timecharter rates are much worse now ($5,700/day for a Panamax) than they were then ($9,500/day). It is necessary to look back to 1986 to see nominal timecharter rates as low as today in annual average terms.
The spot market is in even worse condition: according to a theoretical voyage cost calculation across a representative sample, almost a fifth of aggregate earnings for Capesize vessels on the spot market would have been negative this year to date, taking into account individual vessel fuel consumption characteristics.
Asset values at scrap-plus
With earnings currently at OPEX or below, even 15 year old vessels are now being valued at their realisable scrap value, plus a nominal mark-up for vessel-specific condition. Age beyond 15 years is now purely a number and has little impact on value. The extreme levels to which prices for old vessels have collapsed can be seen in the Chart below, which compares the current second hand Panamax vessel values in terms of Net Replacement Value (NRV) with historical ranges.
Thoughts are no longer fixated on how low earnings and prices will fall – the general consensus is that both are at or near the floor. The focus is now on the shape of the downturn – or rather how long it will last. First and foremost is there any hope for bulker earnings and prices in 2016?
In terms of downward momentum, the good news is that the end is nigh with an expectation that second-hand prices will bottom out at levels marginally below current values during 2Q 2016 for almost all ages and sizes of dry bulk carriers.
This is underpinned by expectations of a minor rate correction in Q2, driven by a seasonal uptick in iron ore imports by China and strong South American grains exports. Enthusiasm should be tempered for the remainder of this year, however; the outlook for dry bulk supply/demand fundamentals in aggregate for 2016 is far from promising, with supply growth set to more than offset demand growth by a small margin.
Changing demand dynamics
The story is not much brighter for beyond this year – it is not until 2018 before we see any sustained improvement in market balances. Moreover, there are significant risks on the downside to this view.
In MSI’s latest dry bulk report we present a scenario in which plausible downside risks to MSI’s forecast for Chinese and Indian coal imports and Chinese iron ore imports are realised, including a robust supply-side response. Under this scenario, we would not anticipate an uptick in market balances or timecharter rates before 2020.
Source: Maritime Strategies International
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Monday, 25 April 16
BALTIC DRY INDEX ENDS WEEK ON A POSITIVE NOTE
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
Friday, 22 April 16
U.S WEEKLY DOMESTIC COAL OUTPUT UP 8.2 PER CENT - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 11.1 million short tons (mm ...
Thursday, 21 April 16
PANAMAX: A VERY HEALTHY NORTH ATLANTIC FOR BOTH ROUNDS AND FRONTHAUL
Capesize
Correcting after last week's quadrupling.
This year's highest daily average of USD 8000 came on the back of substantial pro ...
Wednesday, 20 April 16
2017 IS EXPECTED TO BE A MUCH BETTER YEAR FOR THE SHIPPING INDUSTRY - INTERMODAL
Some months ago we noted that all projections anticipated 2016 to be a better year from a macroeconomic point of view when compared to 2015. As we ...
Tuesday, 19 April 16
STARS STILL SHINING? KEY IMPORTERS THROUGH THE TELESCOPE - CLARKSONS
As the pace of growth in Chinese seaborne imports has slowed, and prospects for a return to stronger rates of expansion appear to have diminished, ...
|
|
|
Showing 2466 to 2470 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Economic Council, Georgia
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Antam Resourcindo - Indonesia
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Videocon Industries ltd - India
- Planning Commission, India
- New Zealand Coal & Carbon
- Sarangani Energy Corporation, Philippines
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Coal and Oil Company - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- Merrill Lynch Commodities Europe
- Bangladesh Power Developement Board
- Independent Power Producers Association of India
- Central Electricity Authority - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Intertek Mineral Services - Indonesia
- Chamber of Mines of South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parry Sugars Refinery, India
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Bhushan Steel Limited - India
- Maharashtra Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- Heidelberg Cement - Germany
- PTC India Limited - India
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rio Tinto Coal - Australia
- Bhoruka Overseas - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- Metalloyd Limited - United Kingdom
- Ind-Barath Power Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Electricity Authority, New Zealand
- Minerals Council of Australia
- Bukit Asam (Persero) Tbk - Indonesia
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- Parliament of New Zealand
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- Semirara Mining Corp, Philippines
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- Deloitte Consulting - India
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- GAC Shipping (India) Pvt Ltd
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- SMG Consultants - Indonesia
- LBH Netherlands Bv - Netherlands
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- VISA Power Limited - India
- Cement Manufacturers Association - India
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- Gujarat Sidhee Cement - India
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Indogreen Group - Indonesia
|
| |
| |
|
