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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, 24 June 13
INDONESIA COAL SWAP FOR AUGUST 2013 DELIVERY GAINS WEEK ON WEEK
COALspot.com – Coal prices for immediate supply contracts have started moving up, but prices for next year supply shows a negative trend ...
Sunday, 23 June 13
BDI CROSSED ITS PSYCHOLOGICAL BARRIER THIS WEEK - VISTAAR
COALspot.com : The BDI crossed the psychological barrier of 1000 points after many months and closed at 1,027 points, which were up by 14.11 pct wee ...
Sunday, 23 June 13
SHIP PRICES NOT FOLLOWING FREIGHT MARKET FUNDAMENTALS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Although it's been the case in many occasions in the past, it appears that ship prices haven't been quite following freight market fundamentals, i ...
Friday, 21 June 13
U.S. COAL PRODUCTION INCREASED WEEK ON WEEK, EIA SAYS
COALspot.com – United states the world’s second largest coal producer produced totalled approximately 19.70 million short tons (mmst) of ...
Thursday, 20 June 13
CAPESIZE : FINALLY A SUBSTANTIAL IMPROVEMENT IN RATES! - FEARNLEYS A.S
Handy
Atlantic market kept a steady curve from last week. US Gulf positions fetched tick above USD 21k for Cont/Skaw direction, and vessels fixed f ...
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- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Pendopo Energi Batubara - Indonesia
- Australian Coal Association
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- Banpu Public Company Limited - Thailand
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- PowerSource Philippines DevCo
- VISA Power Limited - India
- SMG Consultants - Indonesia
- Madhucon Powers Ltd - India
- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- Cement Manufacturers Association - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Oldendorff Carriers - Singapore
- The University of Queensland
- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Anglo American - United Kingdom
- GMR Energy Limited - India
- Indonesian Coal Mining Association
- Planning Commission, India
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Mercuria Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- SMC Global Power, Philippines
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- Sree Jayajothi Cements Limited - India
- Energy Link Ltd, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Merrill Lynch Commodities Europe
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Videocon Industries ltd - India
- Essar Steel Hazira Ltd - India
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- South Luzon Thermal Energy Corporation
- Jindal Steel & Power Ltd - India
- Thai Mozambique Logistica
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Edison Trading Spa - Italy
- Siam City Cement - Thailand
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- Semirara Mining Corp, Philippines
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Aditya Birla Group - India
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- Karaikal Port Pvt Ltd - India
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- Vizag Seaport Private Limited - India
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- Coastal Gujarat Power Limited - India
- Uttam Galva Steels Limited - India
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Maharashtra Electricity Regulatory Commission - India
- Mjunction Services Limited - India
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