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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, 13 June 13
HANDY: SHORT PERIOD WERE FIXED AT AROUND USD 9000 LEVEL
Handy
Despite falling rates for bigger sizes, the Supras in Atlantic are seeing some improvements with fresh biz. US Gulf positions fetching tick a ...
Thursday, 13 June 13
BIMCO EXPECTS SUBDUED CAPESIZE EARNINGS FOR THE COMING WEEKS - HELLENIC SHIPPING NEWS
Bulk is not only about China even though it is a key driver. In this section, we have taken a closer look at the European seaborne coal markets, whi ...
Thursday, 13 June 13
RIO TINTO AGREES SALE OF EAGLE PROJECT FOR AN ESTIMATED US$325 MILLION IN CASH
COALspot.com - Rio Tinto has reached a binding agreement to sell its Eagle project to Lundin Mining Corporation for an estimated US$325 million in c ...
Thursday, 13 June 13
HARD COAL IMPORTS RISE SHARPLY IN GERMANY IN Q1 2013 - COAL IMPORTERS ASSOCIATION
Coal-fired Power Plants in Germany: Pillars of the Grid and the Energy Turnaround; Hard Coal Consumption and Hard Coal Imports Rise Sharply in Germa ...
Wednesday, 12 June 13
INDONESIAN COAL PRICE REFERENCE SLIDES TO 2013 LOW
COALspot.com - Indonesian Coal Price Reference continues to take its lumps this month, dropping about 0.54 % and hitting a 2013 low. The Indonesian ...
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- Uttam Galva Steels Limited - India
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- The Treasury - Australian Government
- Australian Coal Association
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- Sical Logistics Limited - India
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Gujarat Sidhee Cement - India
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- GMR Energy Limited - India
- Central Java Power - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Australian Commodity Traders Exchange
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- Aditya Birla Group - India
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- Posco Energy - South Korea
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- Thiess Contractors Indonesia
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- Ambuja Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- Planning Commission, India
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- Malabar Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Vizag Seaport Private Limited - India
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- Makarim & Taira - Indonesia
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- Marubeni Corporation - India
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Bhushan Steel Limited - India
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
- PTC India Limited - India
- The University of Queensland
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
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