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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, 01 November 13
DRY BULK MARKET IN FIRST POSITIVE SIGN IN DAYS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Owners of dry bulk carriers are well aware of the rollercoaster ride that has been the market for their vessels over the past few years. This trend ...
Thursday, 31 October 13
HANDY: ACTIVE; PANAMAX: QUIET; CAPESIZE: NO LIGHT
Handy
The handy market had an active week however not directly translated into the rates we´ve seen in the Pacific. We see more coal and baux ...
Wednesday, 30 October 13
INDONESIAN STATE OWNED COAL MINER HAS EXPORTED 7.02 MILLION TONS OF COAL IN 9 MONTHS
COALspot.com : PT. Bukit Asam, Indonesian state owned coal miner has sold 13.24 million tons of coal for the period January - September 2013. Accord ...
Wednesday, 30 October 13
DRY BULK MARKET HAS LOST FURTHER GROUND THIS PAST WEEK - INTERMODAL
Chartering (Wet: Firm+ / Dry: Stable-)
The Dry Bulk market has lost further ground this past week, as de-creased activity in both basins for both C ...
Wednesday, 30 October 13
CAPESIZE: DOWNWARD; SUPRAS AND HANDIES: STABLE - INTERMODAL
The Dry Bulk market has resumed its downward movement, noting another dip for a third week in a row. The larger size segments were responsible for p ...
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- Thiess Contractors Indonesia
- Orica Mining Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- Port Waratah Coal Services - Australia
- Indian Energy Exchange, India
- Interocean Group of Companies - India
- Central Electricity Authority - India
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
- Global Coal Blending Company Limited - Australia
- Indo Tambangraya Megah - Indonesia
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Romanian Commodities Exchange
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Global Green Power PLC Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- Bukit Baiduri Energy - Indonesia
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Parliament of New Zealand
- Petron Corporation, Philippines
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- Economic Council, Georgia
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Rio Tinto Coal - Australia
- IHS Mccloskey Coal Group - USA
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- Coalindo Energy - Indonesia
- Vizag Seaport Private Limited - India
- Edison Trading Spa - Italy
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Holcim Trading Pte Ltd - Singapore
- Intertek Mineral Services - Indonesia
- Australian Coal Association
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- Chettinad Cement Corporation Ltd - India
- South Luzon Thermal Energy Corporation
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- White Energy Company Limited
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- Iligan Light & Power Inc, Philippines
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- Miang Besar Coal Terminal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- London Commodity Brokers - England
- Meenaskhi Energy Private Limited - India
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Baramulti Group, Indonesia
- Kumho Petrochemical, South Korea
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Madhucon Powers Ltd - India
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- Maheswari Brothers Coal Limited - India
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- GMR Energy Limited - India
- PTC India Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- IEA Clean Coal Centre - UK
- Pipit Mutiara Jaya. PT, Indonesia
- Mjunction Services Limited - India
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