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Wednesday, 28 August 13
THE BDI HAS MOVED TO LEVELS CONSIDERABLY STRONGER THAN THE BEGINNING OF THE YEAR - INTERMODAL
 By George Bassakos
SnP Broker - Intermodal
We have already reached the end of August and whilst students are preparing themselves for another school year, the shipping community – at least the Cape folks for now - is looking back on the year to date facts with some renewed enthusiasm for the year to come.
The BDI has moved to levels considerably stronger than the beginning of the year lows of 698 points and currently stands at 1,165 points ( after peaking at 1,179 points on July 1st – the year's high so far), mainly boosted by strengthened Capesize rates, which have increased 3-fold since the beginning of 2013. It will be interesting to see if the market leading index will be able to break the strong-resistance level of 1,200 points or not. Gains in smaller sectors have been more modest, all segments though currently earn above their respective daily OPEX.
Cape rates have been mainly driven by renewed iron ore activity to China, whilst strikes in Colombia and port congestions, pushed spot rates in levels last seen in November 2012. It is interesting that this latest surge came earlier this year, in the traditional summer lull, and not during the always more active Q4.
FFAs are pointing to a sustained growth during Q4, with Capes currently climbing close to $ 22,000/day, Panamaxes at below $ 10,000/day, Supras at excess of $ 10,000/day and smaller Handies at around $ 8,000/day. The next calendar year does not currently signal an impressive recovery, even though many analysts forecasted a more steep market improvement than the one painted by Baltic figures. Panamaxes have replicated last year's performance up to this point, while Supras and Handies have been better performers, compared to their bigger counterpart, proving their flexibility to adjust to volatile market conditions in the seaborne world trade.
SnP wise, it has been an interesting year thus far, with Greeks having a strong presence in both the second hand and the new building market. Japanese owned second-hand tonnage has proven particularly attractive for Greek buyers, who appear to be willing to pay a premium on the “last done”, even though rates have not been supportive of such a buying rush at this stage yet... New building activity has already surpassed last year's levels in most segments - mainly driven by owners' appetite for eco ships, but also by lower quoted prices, which have only recently started moving north again. Scrapping on the other hand has underperformed massively.
So, what's ahead? In Greece, we tend to change our educational system so often that students sometimes are not familiar with the new academic year's syllabus. Are we in face with a similar situation here? Well, the sentiment is more positive as of late and it seems that we won’t be moving in uncharted waters this time. It remains to see if the good captain will lead us to a safer port, i.e. improved/healthy market activity, or back to Scylla and Charybdis, i.e. uncertainties surrounding the global economy, China's slowing growth, capital exit from emerging markets, anemic growth in Europe, tonnage overcapacity etc. etc.
Chartering
Things were a bit more bright for VL owners this past week and in today’s market this simply means that further declines were avoided. Despite the fact that WS levels remained unchanged, activity e-Meg did manage to pick up significantly compared to the week before but, as always, there is still enough tonnage available to meet current requirements and deny any significant rate increases.
Rates for Suezmaes continued to slide further this week and despite the fact that the list of ballasters in the MG region isn't that long, fixing interest has significantly dropped. Most of the pain was nevertheless felt on fixtures e-WA. After some weeks of strong performance, the rate for the WA/USG voyage fell down to WS 52.5, while the TEC returned to the level below $ 10,000/day.
Afra rates continue to ignore the overall sluggishness of the crude oil carriers market. The firm number of enquiries in the Black Sea/Med region towards the end of the week has pushed the TCE in the area more than 35% up, while the big star of the week was no other than the north Sea/Baltic region where limited tonnage helped rates surge.
Chartering (Wet: Stable+ / Dry: Firm+)
With a lot of help from Capes, the Dry Bulk market has firmed further this past week. The big bulkers have once more pushed the BDI higher and the market looks ready to test new highs for the year once more. The BDI closed today (27/08/2013) at 1169 points, up by 4 points compared to Friday’s levels (23/08/2013) and an increase of 24 points compared to previous Tuesday’s levels (20/08/2013). Rates for Afras continue to win further ground mainly due to North Sea activity, while the recent Suezmax rate surge already feels like a distant memory as rates for the segment plummeted this week. The BDTI Friday (23/08/2013), was at 658 points, an increase of 14 points and the BCTI at 591, an increase of 39 points compared to the previous Friday’s levels (16/08/2013).
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.
Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Friday, 15 November 13
US COAL PRODUCTION UP 2.59% WEEK ON WEEK
COALspot.com – United States the world’s second largest coal producer, produced approximately 19.8 million short tons (mmst) of coal in ...
Friday, 15 November 13
TAIWAN'S PLASTICS GROUP FORMOSA TO IMPORT 1.37 MILLION TONS OF COAL FOR Q1' 14
COALspot.com: Taiwan's Formosa Plastics Group is inviting bids for total 1.37 million mt of coal for 1Q’ 14 for its various plants in Taiwan, ...
Thursday, 14 November 13
KOMIPO TO BUY 270K MT OF SUB-BITUMINOUS COAL FOR Q2' 14
COALspot.com : Korea Midland Power Co., Ltd. has invited bids through International Open Bidding for 140,000 Metric Tons (MT) of sub-bituminous coal ...
Thursday, 14 November 13
PANAMAX : MARKET SHOULD BE AROUND USD 11500 FOR 1 YEAR - FEARNLEYS AS
Handy
The Atlantic market has picked up this week with prompt ships able USG for November dates coming off and chrts need to pay up in order to cov ...
Wednesday, 13 November 13
Y'14 SUB-BIT INDO COAL SWAP MOVING AT SNAIL-SPEED
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q1’2014 delivery gained 2.95 percept month on month on Friday ...
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- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Central Java Power - Indonesia
- White Energy Company Limited
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- SN Aboitiz Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Chamber of Mines of South Africa
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- Meralco Power Generation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- Commonwealth Bank - Australia
- San Jose City I Power Corp, Philippines
- Siam City Cement PLC, Thailand
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- Renaissance Capital - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- Salva Resources Pvt Ltd - India
- Agrawal Coal Company - India
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Petron Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Economic Council, Georgia
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Africa Commodities Group - South Africa
- Carbofer General Trading SA - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Larsen & Toubro Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Kartika Selabumi Mining - Indonesia
- Medco Energi Mining Internasional
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- The University of Queensland
- Sojitz Corporation - Japan
- Bhoruka Overseas - Indonesia
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- Thiess Contractors Indonesia
- VISA Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- Dalmia Cement Bharat India
- Bukit Baiduri Energy - Indonesia
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Energy - Thailand
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