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Friday, 05 July 13
THE DRY BULK MARKET IS GOING FROM STRENGTH TO STRENGTH - INTERMODAL
 The Capesize sector has been one that has gone through a wild rollercoaster of emotions this past decade, ranging from the exuberance witnessed during the boom years of the shipping ''supercycle'' down to the dreadful doldrums during the first half of this year were fixtures were reported at levels well below OPEX.
It’s also been a sector often closely associated with the Asian Economic Powerhouse, namely China and its seemingly insatiable appetite for development linked raw materials (especially iron ore and coal) which are a gauge to its overall economic development as well as its future prospects.
All this has always held Capes as a bit of a buzzword amongst SnP brokers, while nowadays this has been more so as we have seen an impressive array of recent SnP transactions (mainly second hand but also a significant number of NBs) during the first six months of 2013.
Main interest has been for vessels built between 1997 and 2004 (9-16 years of age), partly due to their relatively lower values compared to what was seen two year back, but also due to the ''enhanced'' prospects brought about the occasional Chinese replenishing of stock-piles (of the most recent have been during the final quarter of 2012 and another which is currently underway).
The order book as it stands today is at levels less daunting than other sectors such as panamaxes, with around 37.45 mill dwt scheduled to be added to the current capacity of 274 mill dwt till 2016. That is equivalent to 14% of the current fleet compared to an order book-to-fleet ratio of 22% seen for Panamaxes.
In terms of numbers, there are a further 80 capes scheduled for delivery within the rest of 2013, 74 set or next year, another 29 or 2015 and beyond.
Norwegian shipping magnate Fredriksen was one of the first to signal the start of the most recent drive or new orders, while his most recently reported order for 2 X 205k dwt VLOC at Bohai shows a clear vote of confidence as to the prospects of the sector. Some claim that the recent rally in the freight market which caused rates to surge from the depths of US$ 6,000/day that they had been seeing on average this year to climb to the staggering level of US$ 14,866/day which is only a breath away from the psychological barrier of US$ 15,000/day.
It is important to point out that capes started 2012 at approximately US$ 16-18k per day, thereafter plunged down to between US$ 6-4 k per day till Sept/Oct where they staged a recovery and peaked once again at US$ 18,388/day by end Oct where after they nosedived back down to an average of US$ 6k per day with small variations till May 2013 when the most recent rally in freight rates began.
In conclusion and having as a backdrop all the above mentioned regarding more balanced growth and temporarily improvement in the freight market, we have had the following capes changing hand the last month;
the “Mineral Sines” (172kdwt blt 2002 Daewoo) rgn US$ 19.80 mill to a joint venture between Italians and major commodity traders/charterers,
the “Atlantic Princess” (180k dwt blt 2003 Imabari) rgn US$ 20.3 mill with SS/DD due to Greeks
the slightly older “Star Fortune” (170k dwt blt 1999 IHI) rgn US$ 15 mill to Chinese and down to the much older “Noni M” (183k dwt blt 1995 Kawasaki) rgn US$ 10.5 mill to HK Buyers.
Chartering
The Dry Bulk market is going from strength to strength, with the BDI now “flirting” with the 1,200 points level. The rally in the Capesize segment is still the main driver behind the positive sentiment that has boosted the market, providing a very strong rate reversal, one that most market players expected to take place a bit later in the year.
The Capesize market has had an excellent run throughout the month of June. With charterers getting back in action and at the same time disruptions taking place in Brazilian ports, ones which have only recently started easing a bit, rates for Capes have kept firming this past week, mainly boosted by activity in the 'Atlantic basin where the average rate has now surpassed the $ 15,000/day level, more than doubling since the beginning of the month of June.
Activity in the Atlantic still remains very supportive for Panamax rates, with shorter tonnage lists in N.Continent, boosting rates for another week, while ex-ECSA cargoes increasing further activity in the area. At the same time things in the Pacific remain a bit flattish but underlined by improved sentiment overall.
Rates for Supras and Handies have also firmed this week, with cargoes ex-ECSA boosting activity for both segments. The USG area keeps witnessing very good levels of fixtures for Supras, while the Pacific basin still provides most of the upside momentum for Handies.
Compiled by:
Intermodal Research & Valuations | research@intermodal.gr
Analysts:
Mr. George Lazaridis | g.lazaridis@intermodal.gr
Ms. Eva Tzima | e.tzima@intermodal.gr
Disclaimer and legal disclosure:
For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
If you believe an article violates your rights or the rights of others, please contact us.
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Sunday, 07 July 13
COAL PRICES REMAIN UNDER PRESSURE
COALspot.com – Coal swaps for the year 2014 indicate that, the pressure on coal prices will continue at least until next year. Ave ...
Thursday, 04 July 13
CHALLENGER SIGNS FORMAL EXCLUSIVE MINING AND MARKETING AGREEMENT FOR ABBR PROJECT IN CENTRAL KALIMANTAN
COALspot.com - Challenger Deep Resources Corp., through its subsidiary PT Bestindo Energy has signed the formal exclusive Mining and Marketing agree ...
Thursday, 04 July 13
ASX LISTED QBL TO ACQUIRE INTERESTS IN MOZAMBIQUE COAL EXPLORATION LICENSES
- QBL to acquire interests in two Mozambique exploration licences prospective for coal
- Licenses located in the highly prospective Zambezi basin, ...
Thursday, 04 July 13
HANDY : INDO/CHINA, CHARTERERS RATING AROUND US$ 10,000 - FEARNLEYS AS
Handy
The Feast market firmed slightly up as mid-July cargos entered the market, but charterers seems not in hurry to cover them and looking for ch ...
Wednesday, 03 July 13
NEWCASTLE COAL EXPORTS DIP 24.79 PER CENT WOW
COALspot.com - Newcastle Coal exports fell 24.79% to 2.33 million tons WoW.
Newcastle port in Australia has loaded 2,332,513 tons of coal for the ...
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- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CNBM International Corporation - China
- Edison Trading Spa - Italy
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- Bayan Resources Tbk. - Indonesia
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- Eastern Coal Council - USA
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- White Energy Company Limited
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- Bulk Trading Sa - Switzerland
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- Meralco Power Generation, Philippines
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- Bharathi Cement Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- PTC India Limited - India
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- CIMB Investment Bank - Malaysia
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Oldendorff Carriers - Singapore
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- Parliament of New Zealand
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PowerSource Philippines DevCo
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- Barasentosa Lestari - Indonesia
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- Ministry of Mines - Canada
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Therma Luzon, Inc, Philippines
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- Thai Mozambique Logistica
- Indian Oil Corporation Limited
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- Altura Mining Limited, Indonesia
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- Latin American Coal - Colombia
- Intertek Mineral Services - Indonesia
- ICICI Bank Limited - India
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Vedanta Resources Plc - India
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Global Coal Blending Company Limited - Australia
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- Agrawal Coal Company - India
- Planning Commission, India
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
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