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