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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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Tuesday, 11 June 13
COAL: NO SIGN OF RECOVERY - GABRIELLA
COALspot.com: We attended the 19th Annual Coaltrans Asia Conference, where we found most of the speakers were not very optimistic on the outlook for ...
Tuesday, 11 June 13
NEWCASTLE PORT SHIPPED MORE COAL WEEK ENDED 11 JUNE 2013
COALspot.com - Newcastle port in Australia has loaded 3,104,509 tons of coal for the week ended 0700 hours 11 June 2013, Newcastle Port Corp. ...
Tuesday, 11 June 13
OUTLOOK FOR CAPESIZES LOOKS GRIM, DESPITE FALLING IRON ORE PRICES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Things aren't looking all that rosy for the dry bulk market, despite a stronger volume of iron ore imports during the months of March and April, as ...
Sunday, 09 June 13
CFR SOUTH CHINA COAL SWAP IS UNDER PRESSURE
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average July 2013 delivery have lost 0.03 percent week on week but gained 0.07 pe ...
Sunday, 09 June 13
IRON ORE DEMAND: WEAK; COAL MOVEMENT: STEADY TO INDIA AND CHINA - CAPT. REDDY
COALspot.com - The freight market was fairly steady with BDI up by 0.37 per cent closed at 812 points this week.
The Cape index was also ended in ...
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- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Anglo American - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Electricity Generating Authority of Thailand
- Bhushan Steel Limited - India
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- Australian Coal Association
- Siam City Cement - Thailand
- Posco Energy - South Korea
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Pipit Mutiara Jaya. PT, Indonesia
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- Coalindo Energy - Indonesia
- The Treasury - Australian Government
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- TNB Fuel Sdn Bhd - Malaysia
- TeaM Sual Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- OPG Power Generation Pvt Ltd - India
- Commonwealth Bank - Australia
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- McConnell Dowell - Australia
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- PTC India Limited - India
- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- Vedanta Resources Plc - India
- Makarim & Taira - Indonesia
- Barasentosa Lestari - Indonesia
- Parliament of New Zealand
- Latin American Coal - Colombia
- Petron Corporation, Philippines
- ASAPP Information Group - India
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Sakthi Sugars Limited - India
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- Kartika Selabumi Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Baramulti Group, Indonesia
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- Directorate Of Revenue Intelligence - India
- Sarangani Energy Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- Sree Jayajothi Cements Limited - India
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- Economic Council, Georgia
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- Trasteel International SA, Italy
- Semirara Mining Corp, Philippines
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- Mercuria Energy - Indonesia
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bhatia International Limited - India
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- CNBM International Corporation - China
- Edison Trading Spa - Italy
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
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