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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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Friday, 07 June 13
MEDITERRANEAN COAL MARKETS
Press Release: 3rd International Conference Mediterranean Coal Markets will be held on 16-17th of September 2013, Istanbul, Turkey, Ceylan Intercont ...
Friday, 07 June 13
US'S COAL PRODUCTION INCREASED BY 0.54 PER CENT THE WEEK ENDED JUNE 1
COALspot.com – United states the world’s second largest coal producer produced totaled approximately 18.60 million short tons (mmst) of ...
Thursday, 06 June 13
WE ARE SEEING SOME FRESH INDO COAL TO CHINA AND INDIA - FEARNRESEARCH
Handy
In the Atlantic, the Gulf remains firm for the next week with a few orders in the market. The Supramaxes are seeing around low 20k for fronth ...
Wednesday, 05 June 13
DON'T AVOID PAYING COAL ROYALTY TO THE GOVERNMENT - INDONESIAN ENERGY MINISTER
COALspot.com – “Every country has the right to make policies to protect their national interests”, Energy and Mineral Resources Mi ...
Tuesday, 04 June 13
NEWCASTLE PORT SHIPPED 2.56 MILLION TONS OF COAL IN A WEEK
COALspot.com - Newcastle port in Australia has loaded 2,563,596 tons of coal for week ended 0700 hours 3 June 2013, Newcastle Port Corp. said ...
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- Australian Coal Association
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- Planning Commission, India
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- Trasteel International SA, Italy
- SN Aboitiz Power Inc, Philippines
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- Wilmar Investment Holdings
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bhushan Steel Limited - India
- Therma Luzon, Inc, Philippines
- PTC India Limited - India
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- Indonesian Coal Mining Association
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- VISA Power Limited - India
- Indogreen Group - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- The State Trading Corporation of India Ltd
- Mercuria Energy - Indonesia
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- Savvy Resources Ltd - HongKong
- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Eastern Energy - Thailand
- Port Waratah Coal Services - Australia
- SMG Consultants - Indonesia
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- Metalloyd Limited - United Kingdom
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Central Java Power - Indonesia
- Deloitte Consulting - India
- TeaM Sual Corporation - Philippines
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- Global Green Power PLC Corporation, Philippines
- Dalmia Cement Bharat India
- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Lanco Infratech Ltd - India
- Tamil Nadu electricity Board
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Latin American Coal - Colombia
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- Simpson Spence & Young - Indonesia
- Indian Oil Corporation Limited
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- Mintek Dendrill Indonesia
- Jaiprakash Power Ventures ltd
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Electricity Generating Authority of Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
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