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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, 22 October 13
NEWCASTLE PORT SERVED 38 OCEAN GOING VESSELS IN A WEEK
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port up 0.64 per cent week on week to 3.21 million mt for ...
Tuesday, 22 October 13
KOWEPO INVITED BIDS FOR MULTI GRADE COAL
COALspot.com - Korea Western Power Co., Ltd. (KOWEPO), a Korean electricity generator intends to procure 240,000 tons of multi grade coal for its Ta ...
Monday, 21 October 13
SOUTH CHINA COAL SWAP FOR 2014 DELIVERIES SHOW A POSITIVE TREND
COALspot.com : API 8 CFR South China Coal swaps for average Q4 2013 delivery fell 0.02 percept M-M on Friday 18 October 2013. The CFR South China Co ...
Sunday, 20 October 13
Q3'14 SUB-BIT INDO COAL SWAP CLOSED AT $ 61.80 PMT W/E 18 OCT' 13
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q4 2013 delivery fell 0.93 percept month on month on Friday 18 October 201 ...
Saturday, 19 October 13
NICKEL ORE SHIPMENTS KEEP SUPRAMAX CHARTER RATES STEADY - CAPT. REDDY
COALspot.com : The futures freight market continued to go down which was reflected in the physical markets as well.
The BDI continued to be soft ...
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- Bukit Makmur.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- Trasteel International SA, Italy
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- Singapore Mercantile Exchange
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- Cement Manufacturers Association - India
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Planning Commission, India
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- Videocon Industries ltd - India
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
- GN Power Mariveles Coal Plant, Philippines
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- Sakthi Sugars Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Dalmia Cement Bharat India
- Indika Energy - Indonesia
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Romanian Commodities Exchange
- Rio Tinto Coal - Australia
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Maharashtra Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- Oldendorff Carriers - Singapore
- Thai Mozambique Logistica
- PTC India Limited - India
- Africa Commodities Group - South Africa
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Tata Chemicals Ltd - India
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Kepco SPC Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- Ministry of Mines - Canada
- IEA Clean Coal Centre - UK
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Timah Investasi Mineral - Indoneisa
- Wood Mackenzie - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- Interocean Group of Companies - India
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Energy Development Corp, Philippines
- Australian Coal Association
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- The University of Queensland
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- White Energy Company Limited
- Globalindo Alam Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Salva Resources Pvt Ltd - India
- GMR Energy Limited - India
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