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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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Wednesday, 19 June 13
NEWCASTLE SHIPPED 16.05 PERCENT LESS COAL W/E 17 JUNE 2013
COALspot.com - Newcastle port in Australia has loaded 2,606,071 tons of coal for the week ended 0700 hours 17 June 2013, Newcastle Port Corp. ...
Sunday, 16 June 13
WEAK DEMAND KEEPS COAL PRICES LOW
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average July 2013 delivery have lost 2.94 percent week on week but gained 0.06 percent ...
Saturday, 15 June 13
S7 AND S8 ROUTES ARE EXPECTED TO BE STEADY NEXT WEEK - VISTAAR
COALspot.com - This week freight movement was fairly firm with news of China is rebuilding iron ore stockpiles, and ease import rules. Cape and Pana ...
Saturday, 15 June 13
SHIPPING CONFIDENCE REACHES HIGHEST LEVEL FOR TWO AND A HALF YEARS - MOORE STEPHENS
Overall confidence levels in the shipping industry rose to their highest level for two and a half years in the three months ended May 2013, accordin ...
Friday, 14 June 13
U.S. COAL PRODUCTION TOTALED APPROXIMATELY 18.20 MILLION SHORT TONS W/E 8 JUNE 2013
COALspot.com – United states the world’s second largest coal producer produced totaled approximately 18.20 million short tons (mmst) of ...
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- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- Eastern Energy - Thailand
- Xindia Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Minerals Council of Australia
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- Australian Coal Association
- McConnell Dowell - Australia
- IEA Clean Coal Centre - UK
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- ICICI Bank Limited - India
- The University of Queensland
- Riau Bara Harum - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- Binh Thuan Hamico - Vietnam
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- South Luzon Thermal Energy Corporation
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- Banpu Public Company Limited - Thailand
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Kartika Selabumi Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- Mjunction Services Limited - India
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- Siam City Cement PLC, Thailand
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Posco Energy - South Korea
- White Energy Company Limited
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- Kohat Cement Company Ltd. - Pakistan
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- Vedanta Resources Plc - India
- Vijayanagar Sugar Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Medco Energi Mining Internasional
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
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