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Wednesday, 10 July 13
DRY BULK MARKET IS STILL STRUGGLING TO SURVIVE - INTERMODAL
 COALspot.com : With the first half of the year now behind us and, as expected, most shipping segments in the dry bulk market are struggling to survive, while in many occasions vessels are trading below their daily op-ex. The rebound that was much anticipated by many market woes has yet to be seen. June was the exception here, at least for Capes, bringing a pleasant end to the first six months of the year thanks to increased demand for iron ore and coal.
Since the 5th of June, when the BDI stood at 801 points, a 13-week low, we witnessed a rally which drove the Index to 1179 points on July 2nd, which was its highest mark for the year so far. The driving force behind this was mainly Capers which have been on a run due to China's iron ore restocking activity. Chinese mills begun restocking as their inventories had fallen to approx. 67 million tons, a “low” last seen three years ago. This fact together with the considerably decreased prices for imported iron ore, resulted in the longest run in the Cape segment since summer 2006.
Panamaxes also found some ground, although for a smaller recovery, in the Atlantic and as grain shipments from South America increased, charterers came to terms with paying higher freights in order to carry their shipments. With effects of this seasonal peak now waning, Panamaxes should start looking to the forthcoming US grain season in order to maintain their levels. On the smaller segments, rates for Supras and Handies also improved during June, however by comparison with the larger sizes, spot earnings remained within a fairly narrow range.
What will happen next?
Apparently shipping rates are unlikely to keep their positive momentum, as demand continues to outpace the growth of supply despite the fact that shipping capacity growth now stands at below 7%, which is the lowest in the dry bulk market since the end of 2009. Shipping capacity had a huge run over the past years, driven by large volume of new orders, as people in the industry expected global trade growth to continue at a equal pace. However this expectation failed to materialize as the global economic crisis weighed down on expansion of both the developed economies, like the EU and the US as well as on many emerging economies like China. With the latter’s government having chosen to tolerate lower economic growth in order to successfully implement reforms but also better support longer-term economic growth on a more sustainable path.
So there you have it. Economic indicators are not offering any positive signs, neither for the more developed economies, nor for the emerging ones. The main driving force of global economic growth for the past years, China, is slowing down from a 10 per cent annual growth witnessed over the last decade, down to a 7.5 per cent this year and with a target of 6 per cent for the decade to come. The long anticipated urbanization plan of 1 trillion Yuan, which had been announced by China is not going to jump-start the economy any time soon as the new “style” of urbanization that China is aiming for is more “people-centric” rather than infrastructure focused, a fact that which will balloon the economy further. At the same time vessel removals are continuing at a satisfactory pace and capacity growth stands at its lowest level since 2009, a combination of factors that is mandatory for healthier times to come.
Our industry is still in “dire straits”, however as is widely accepted, crisis gives birth to opportunities and the most successful investments, especially in shipping's competitive and volatile environment, are given birth by well-placed investment decisions in the most difficult of times. Have a great summer ahead!
Chartering (Wet: Firm+ / Dry: Stable- )
The Dry Bulk market, after three weeks of gains has given up some of its upside last week.
The main driving force behind the recent rally, the Capesize segment, witnessed softer activity across both basins, which resulted in lower rates across the board. The BDI closed today (09/07/2013) at 1120 points, up by 5 points compared to Monday’s levels (02/07/2013) and a decrease of 50 points compared to previous Tuesday’s levels (25/06/2013). Rates for the crude oil carriers keep taking the market by surprise as stronger activity ex-MEG doesn't allow for rates to slip back to the dismal levels witnessed in the first half of the year. The BDTI Monday (08/07/2013), was at 606 points, up 26 points and the BCTI at 559, a decrease of 3 points compared to the previous Monday’s levels (01/07/2013).
Compiled by:
Intermodal Research & Valuations | research@intermodal.gr
Analysts
George Lazaridis
Direct: +30 210 6293 320
Email: g.lazaridis@intermodal.gr
Eva Tzima
Direct: +30 210 6293 329
Email: 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.
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Monday, 15 July 13
INDO COAL SWAPS ARE STRUGGLING FOR RIGHT DIRECTION
COALspot.com – Indo coal swaps are struggling to find the right direction. Sub-Bit Indonesia coal swaps (FOB ) for average August 2013 d ...
Friday, 12 July 13
U.S. PRODUCED 18.40 MMST COAL WEEK ENDED 6 JULY 2013
COALspot.com – United states the world’s second largest coal producer produced totaled approximately 18.40 million short tons (mmst) of ...
Thursday, 11 July 13
PANAMAX: PACIFIC ROUND PAY AROUND $6,500/D; ATLANTIC ROUND VOYAGE PAY AROUND US$ 10,000/D - FEARNLEYS AS
Handy
The Feast market is quiet, July date cargoes remain unfixed as there is a gap between what owners aiming and charterers willing to pay. There ...
Tuesday, 09 July 13
COAL PRICE REMAINS SLUGGISH - TRIMEGAH
COALspot.com - Newcastle coal price has reached US$ 76.30/ton (-15.9% YTD), bringing YTD’13 average to stand at US$ 87.90/ton, 6.80% lower tha ...
Tuesday, 09 July 13
NEWCASTLE COAL EXPORTS JUMP 27.53% ON WEEK TO 2.97 MILLION MT
COALspot.com - Newcastle Coal exports up 27.53% to 2.97 million tons W-o-W.
Newcastle port in Australia has loaded 2,974,715 tons of coal for the ...
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- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- Romanian Commodities Exchange
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- Mjunction Services Limited - India
- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- Indika Energy - Indonesia
- Standard Chartered Bank - UAE
- Orica Australia Pty. Ltd.
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
- Minerals Council of Australia
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Aditya Birla Group - India
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- Bhatia International Limited - India
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Vijayanagar Sugar Pvt Ltd - India
- Wilmar Investment Holdings
- Independent Power Producers Association of India
- Malabar Cements Ltd - India
- Price Waterhouse Coopers - Russia
- McConnell Dowell - Australia
- GMR Energy Limited - India
- Kideco Jaya Agung - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- Eastern Coal Council - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- Bayan Resources Tbk. - Indonesia
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- Bangladesh Power Developement Board
- Port Waratah Coal Services - Australia
- Kartika Selabumi Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Posco Energy - South Korea
- The University of Queensland
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- VISA Power Limited - India
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- Renaissance Capital - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Tata Chemicals Ltd - India
- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- MS Steel International - UAE
- Planning Commission, India
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Wood Mackenzie - Singapore
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- Petron Corporation, Philippines
- Merrill Lynch Commodities Europe
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- PNOC Exploration Corporation - Philippines
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Bulk Trading Sa - Switzerland
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
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