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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, 25 October 13
U.S. YEAR-TO-DATE COAL PRODUCTION REACHED TOTALLED 803.1 MMST
COALspot.com – United States the world’s second largest coal producer produced approximately 19.10 million short tons (mmst) of coal in ...
Thursday, 24 October 13
PANAMAX: RATES SLIP ACROSS BOTH HEMISPHERES
Handy
We were back from holidays but still not much enquiries in the market. Overall future direction is uncertain. Currently, ships passing Singap ...
Thursday, 24 October 13
SHIP PRICES ARE INCREASING ON THE BACK OF IMPROVED MARKET SENTIMENT - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has kept on retreating from its recent highs, ending yesterday at 1,786 points, down 61 points on the day, with Capesizes leadin ...
Wednesday, 23 October 13
DRY BULK MARKET HAS SHOWN SIGNS OF STABILITY - INTERMODAL
Chartering (Wet: Stable+ / Dry: Stable-)
The Dry Bulk market has shown signs of stability this past week, with the sole exception of Capes, rates f ...
Wednesday, 23 October 13
MARKET SENTIMENT IN THE DRY BULK SECTOR REMAINS POSITIVE - YANNIS OLZIERSKY
Market sentiment in the dry bulk sector remains positive despite the latest correction in freight rates for the Capesize sector, which are sliding f ...
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- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- Deloitte Consulting - India
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Borneo Indobara - Indonesia
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- McConnell Dowell - Australia
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- Mercator Lines Limited - India
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- CNBM International Corporation - China
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Central Electricity Authority - India
- Anglo American - United Kingdom
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Videocon Industries ltd - India
- Larsen & Toubro Limited - India
- Heidelberg Cement - Germany
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- Georgia Ports Authority, United States
- Ambuja Cements Ltd - India
- Wood Mackenzie - Singapore
- SMC Global Power, Philippines
- Grasim Industreis Ltd - India
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- Coalindo Energy - Indonesia
- Standard Chartered Bank - UAE
- Iligan Light & Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- Madhucon Powers Ltd - India
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- Minerals Council of Australia
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- Indonesian Coal Mining Association
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- The University of Queensland
- Oldendorff Carriers - Singapore
- TeaM Sual Corporation - Philippines
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- Merrill Lynch Commodities Europe
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Coal Council - USA
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- Jindal Steel & Power Ltd - India
- Bangladesh Power Developement Board
- Global Green Power PLC Corporation, Philippines
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Aboitiz Power Corporation - Philippines
- Star Paper Mills Limited - India
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement PLC, Thailand
- International Coal Ventures Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Altura Mining Limited, Indonesia
- PTC India Limited - India
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- Bhatia International Limited - India
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- Malabar Cements Ltd - India
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- Bayan Resources Tbk. - Indonesia
- VISA Power Limited - India
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- Sinarmas Energy and Mining - Indonesia
- Thiess Contractors Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
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