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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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- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Independent Power Producers Association of India
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- Semirara Mining Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- Intertek Mineral Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- OPG Power Generation Pvt Ltd - India
- Bharathi Cement Corporation - India
- Ceylon Electricity Board - Sri Lanka
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- Electricity Generating Authority of Thailand
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- White Energy Company Limited
- Commonwealth Bank - Australia
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Xindia Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- Dalmia Cement Bharat India
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Mjunction Services Limited - India
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- Planning Commission, India
- SMC Global Power, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Authority, New Zealand
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- PTC India Limited - India
- Orica Mining Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- IEA Clean Coal Centre - UK
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- Altura Mining Limited, Indonesia
- Kumho Petrochemical, South Korea
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
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