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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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Tuesday, 29 October 13
NEWCASTLE PORT SHIPPED 12.29 PER CENT MORE COAL W-W
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port up 12.29 per cent week on week to 3.61 million mt for ...
Monday, 28 October 13
API 8 CFR SOUTH CHINA COAL FOR Q3'14 DELIVERY LOST ON D-D,W-W & M-M
COALspot.com : API 8 CFR South China Coal swaps for average Q4 2013 delivery fell 0.22 percept M-M on Friday 25 October 2013. The CFR South China Co ...
Monday, 28 October 13
COAL SWAP FOR Q3' 2014 DELIVERY LOST ON D-D, W-W AND M-M
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q4 2013 delivery gained 0.46 percept month on month on Friday 25 October 2 ...
Saturday, 26 October 13
PANAMAX CHARTER RATES FROM INDONESIA TO INDIA STAY FIRM - SOLYM
COALspot.com: The freight market showed tendency of softness with Cape and Panamax futures and physical soft.
The BDI was down by 12 pct week end ...
Saturday, 26 October 13
DRY BULK MARKET KEEPS ON RETREATING, BUT NEW BUILDING ORDERS KEEP ON PILING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market kept on retreating this week, with the industry's benchmark, the Baltic Dry Index (BDI) falling to 1,708 points, down 78 on the ...
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- Ind-Barath Power Infra Limited - India
- The University of Queensland
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- The State Trading Corporation of India Ltd
- Larsen & Toubro Limited - India
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- SMG Consultants - Indonesia
- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- Electricity Generating Authority of Thailand
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Aditya Birla Group - India
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- International Coal Ventures Pvt Ltd - India
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- LBH Netherlands Bv - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- GAC Shipping (India) Pvt Ltd
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- Georgia Ports Authority, United States
- Bukit Asam (Persero) Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- Globalindo Alam Lestari - Indonesia
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bharathi Cement Corporation - India
- Directorate Of Revenue Intelligence - India
- SN Aboitiz Power Inc, Philippines
- ASAPP Information Group - India
- Karaikal Port Pvt Ltd - India
- Petron Corporation, Philippines
- Eastern Coal Council - USA
- Kideco Jaya Agung - Indonesia
- Kaltim Prima Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Jindal Steel & Power Ltd - India
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Tamil Nadu electricity Board
- Global Business Power Corporation, Philippines
- Planning Commission, India
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Renaissance Capital - South Africa
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- Sical Logistics Limited - India
- The Treasury - Australian Government
- South Luzon Thermal Energy Corporation
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sree Jayajothi Cements Limited - India
- Indonesian Coal Mining Association
- Madhucon Powers Ltd - India
- Port Waratah Coal Services - Australia
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- Star Paper Mills Limited - India
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Makarim & Taira - Indonesia
- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Meenaskhi Energy Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
- White Energy Company Limited
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- Indian Energy Exchange, India
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- Baramulti Group, Indonesia
- VISA Power Limited - India
- Formosa Plastics Group - Taiwan
- Ambuja Cements Ltd - India
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