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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, 04 June 13
WOOD MACKENZIE SAYS THE CHINA'S THERMAL COAL DEMAND WILL REACH NEARLY 7BTPA BY 2030
COALspot.com - The Illusion of Peak Coal' says that despite efforts to limit coal consumption and seek alternative fuel options, China's strong ap ...
Saturday, 01 June 13
COAL PRICES STRUGGLE TO FIRM UP
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average July 2013 delivery have gained 0.18 percent week on week and 0.03 percent ...
Saturday, 01 June 13
THE FREIGHT MARKET FOR S7 AND S8 SECTORS ARE EXPECTED TO BE SOFT - VISTAAR
COALspot.com – The freights are remains weak week ended 31 May 2013, as BDI fell 2.05 pct and closed at 809 points on 31 May 2013.
The Cape ...
Friday, 31 May 13
US PRODUCED 18.5 MILLION SHORT TONS OF COAL W/E 25 MAY 2013
COALspot.com – United states the world’s second largest coal producer produced totalled approximately 18.50 million short tons (mmst) of ...
Thursday, 30 May 13
HANDY: RBCT ROUND WAS AROUND USD 9K + 300 BB - FEARNRESEARCH
Handy
THE Atlantic market remained flat. The USG-Feast was at USD 19k and Black Sea-Feast was at USD 12k. The Pacific market remained quiet with no ...
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- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Uttam Galva Steels Limited - India
- The Treasury - Australian Government
- PetroVietnam Power Coal Import and Supply Company
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Aditya Birla Group - India
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- Eastern Energy - Thailand
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- Directorate Of Revenue Intelligence - India
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Marubeni Corporation - India
- Thai Mozambique Logistica
- Larsen & Toubro Limited - India
- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- Vedanta Resources Plc - India
- MS Steel International - UAE
- New Zealand Coal & Carbon
- Jindal Steel & Power Ltd - India
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- International Coal Ventures Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Global Business Power Corporation, Philippines
- The University of Queensland
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Cigading International Bulk Terminal - Indonesia
- GMR Energy Limited - India
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- Sical Logistics Limited - India
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Indo Tambangraya Megah - Indonesia
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- South Luzon Thermal Energy Corporation
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Asmin Koalindo Tuhup - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- Baramulti Group, Indonesia
- Straits Asia Resources Limited - Singapore
- Star Paper Mills Limited - India
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- VISA Power Limited - India
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- European Bulk Services B.V. - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Coalindo Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Krishnapatnam Port Company Ltd. - India
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- Sakthi Sugars Limited - India
- Essar Steel Hazira Ltd - India
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
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