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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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Monday, 04 November 13
API 8 CFR S.CHINA COAL SWAP FOR Q3' 2014 DELIVERY CLOSED 3.65% HIGHER COMPARED TO Q1' 2014 PRICE
COALspot.com : API 8 CFR South China Coal swaps for average Q4 2013 delivery fell 0.24 percept W-W on Friday 1 November 2013. The CFR South China Co ...
Sunday, 03 November 13
H2' 2014 INDONESIAN COAL PRICE ( SWAPS) SHOWS POSITIVE TREND
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q1’2014 delivery gained 0.24 percept week on week on Friday 1 ...
Sunday, 03 November 13
THE CAPE SIZE INDEX FELL 13.61 PCT W-W
COALspot.com: The freight market continued to soften on the cape and panamax sectors , however the supramax and handy size remained fairly firm.
...
Saturday, 02 November 13
DRY BULK SHIPPERS AREN'T CELEBRATING, BUT THEIR SILENCE IS GOLDEN - MARKET REALIST
In October, performance for major dry bulk shipping companies was mixed. Companies like DryShips Inc. (DRYS) had pulled back more than Diana Shippin ...
Friday, 01 November 13
US'S COAL PRODUCTION UP 0.9 PERCENT W-W
COALspot.com – United States the world’s second largest coal producer, produced approximately 19.3 million short tons (mmst) of coal in ...
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- Cigading International Bulk Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Metalloyd Limited - United Kingdom
- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- IEA Clean Coal Centre - UK
- Eastern Coal Council - USA
- Global Business Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- IHS Mccloskey Coal Group - USA
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- Formosa Plastics Group - Taiwan
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- PNOC Exploration Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- CNBM International Corporation - China
- Georgia Ports Authority, United States
- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- Orica Mining Services - Indonesia
- White Energy Company Limited
- ASAPP Information Group - India
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Ministry of Transport, Egypt
- Kartika Selabumi Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- Orica Australia Pty. Ltd.
- Planning Commission, India
- Lanco Infratech Ltd - India
- The University of Queensland
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- VISA Power Limited - India
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- Vizag Seaport Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- Bukit Makmur.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Economic Council, Georgia
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- Makarim & Taira - Indonesia
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Wilmar Investment Holdings
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tamil Nadu electricity Board
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- Eastern Energy - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- Chamber of Mines of South Africa
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
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