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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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Thursday, 27 June 13
US COAL EXPORTS BEATS CHINESE COAL IMPORTS AS THE MOST INFLUENTIAL COAL TRADE - BIMCO
The influence of American coal exports on seaborne transportation has grown significantly over the past decade. In 2002, the US exported 20.1 millio ...
Thursday, 27 June 13
HANDY : USD 12000 FOR SPOT COAL INDO/CHINA AND AROUND USD 13000 INDO/ECI - FEARNLEYS
Handy
Atlantic rates hold well. Continent to Far East is worth more than USD 14k daily whilst USG to Far East pay 23/24k a day. On the route from B ...
Thursday, 27 June 13
DRY BULK CARRIERS DOMINATE NEWBUILDING ORDERS AS SHIP OWNERS ARE ENCOURAGED BY LATEST FREIGHT RATE RALLY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Newbuilding orders for dry bulk carriers were already high, compared to last year, prior to the latest rally of the Baltic Dry Index (BDI), which ha ...
Tuesday, 25 June 13
CAPESIZE MARKET TO REMAIN BULLISH SAYS ANALYST - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been experiencing its long-awaited rally, with the Baltic Dry Index, the industry's benchmark rising to healthier levels fo ...
Tuesday, 25 June 13
NEWCASTLE PORT SHIPPED OUT MORE COAL W-O-W
COALspot.com - Newcastle port in Australia has loaded 3,101,378 tons of coal for the week ended 0700 hours 24 June 2013, Newcastle Port Corp. ...
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Showing 4231 to 4235 news of total 6871 |
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- Gujarat Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- OPG Power Generation Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- IEA Clean Coal Centre - UK
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Toyota Tsusho Corporation, Japan
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Cement Manufacturers Association - India
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Electricity Generating Authority of Thailand
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Thiess Contractors Indonesia
- Planning Commission, India
- Indian Oil Corporation Limited
- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- PTC India Limited - India
- Leighton Contractors Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- Bulk Trading Sa - Switzerland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Authority, New Zealand
- Merrill Lynch Commodities Europe
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
- Indonesian Coal Mining Association
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- Rio Tinto Coal - Australia
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- Attock Cement Pakistan Limited
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Ceylon Electricity Board - Sri Lanka
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- Mintek Dendrill Indonesia
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- CNBM International Corporation - China
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- Agrawal Coal Company - India
- Economic Council, Georgia
- Parliament of New Zealand
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- Madhucon Powers Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Ministry of Transport, Egypt
- Bharathi Cement Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- Vedanta Resources Plc - India
- White Energy Company Limited
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- Malabar Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- Directorate Of Revenue Intelligence - India
- International Coal Ventures Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
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