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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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Monday, 01 July 13
12TH CLEAN COAL FORUM INDONESIA 2013
Press Release: Produced by CDMC Events, The 12th Clean Coal Forum Indonesia 2013 will be held on Dec 5-6,2013 in Jakarta, Indonesia. It will generat ...
Monday, 01 July 13
INDIA AND CHINA STILL DOMINATING THE INDONESIAN THERMAL COAL EXPORT MARKET
COALspot.com: Indonesia, the world's largest multi types coal exporter shipped 35.83* million tons of coal in May 2013, 1.40 per cent l ...
Sunday, 30 June 13
YEAR 2014 INDO SUB-BIT COAL SWAPS EXPECTED TO STAY BELOW 2013 LEVEL
COALspot.com – Sub-Bit Indonesia coal swaps (FOB ) for average August 2013 delivery have gained 0.08 percent on a day lost on week ...
Sunday, 30 June 13
CAPESIZE RATES SEEN INCREASING ON HIGH DEMAND - VISTAAR
COALspot.com - The BDI continued to rise and saw a big gain on Friday. BDI increased 14 per cent week ended 28 June 2013, closed at 1171 points driv ...
Friday, 28 June 13
U.S. PRODUCED 1.52 PERCENT LESS COAL WEEK ON WEEK
COALspot.com – United states the world’s second largest coal producer produced totaled approximately 19.40 million short tons (mmst) of ...
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- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- Thiess Contractors Indonesia
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Samtan Co., Ltd - South Korea
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Georgia Ports Authority, United States
- Formosa Plastics Group - Taiwan
- IEA Clean Coal Centre - UK
- Straits Asia Resources Limited - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- Interocean Group of Companies - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PetroVietnam Power Coal Import and Supply Company
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Posco Energy - South Korea
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- Tamil Nadu electricity Board
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Mining Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Dalmia Cement Bharat India
- Bulk Trading Sa - Switzerland
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- Indika Energy - Indonesia
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- Karbindo Abesyapradhi - Indoneisa
- Bhatia International Limited - India
- Kalimantan Lumbung Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Siam City Cement - Thailand
- Indian Oil Corporation Limited
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- Central Java Power - Indonesia
- MS Steel International - UAE
- PTC India Limited - India
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- Videocon Industries ltd - India
- Economic Council, Georgia
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- Parliament of New Zealand
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- TeaM Sual Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- Price Waterhouse Coopers - Russia
- Rashtriya Ispat Nigam Limited - India
- Bayan Resources Tbk. - Indonesia
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- Independent Power Producers Association of India
- Larsen & Toubro Limited - India
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Bangladesh Power Developement Board
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