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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, 18 October 13
WOOD MACKENZIE FORECASTS CHINA WILL OUTWEIGH THE REST OF THE WORLD FOR BASE METALS DEMAND BY 2017
China set to account for 52% of 117mt base metals market by 2017
China is on track to exceed rest of the World demand by 2017, becoming the singl ...
Friday, 18 October 13
DRY BULK MARKET ON "PAUSE" MODE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been on "pause" mode over the past week, after China's return from the week long holidays. The industry's benchm ...
Friday, 18 October 13
US PRODUCED 6.7% MORE COAL W-W
COALspot.com – United States the world’s second largest coal producer produced approximately 18.9 million short tons (mmst) of coal in a ...
Thursday, 17 October 13
CAPESIZE: RATES ARE AGAIN MOVING UPWARDS - FEARNRESEARCH
Handy
Activities were obviously slowed down in the Pacific basin. There were only few coal movements which fixed around USD 15-16k for ships in Sin ...
Thursday, 17 October 13
SGX TO LAUNCH "SGX THERMAL COAL FUTURES" NEXT MONDAY
COALspot.com: SGX is to launch two thermal coal futures contracts, SGX API 8 CFR China Coal Index Futures and SGX IHS McCloskey Indonesian Sub-bit F ...
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- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Chamber of Mines of South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Planning Commission, India
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- MS Steel International - UAE
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- TNB Fuel Sdn Bhd - Malaysia
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- Pendopo Energi Batubara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
- Vizag Seaport Private Limited - India
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Sical Logistics Limited - India
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- New Zealand Coal & Carbon
- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- Bharathi Cement Corporation - India
- Parliament of New Zealand
- GMR Energy Limited - India
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Merrill Lynch Commodities Europe
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- Manunggal Multi Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Riau Bara Harum - Indonesia
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Bhatia International Limited - India
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Timah Investasi Mineral - Indoneisa
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- Agrawal Coal Company - India
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- India Bulls Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- South Luzon Thermal Energy Corporation
- Semirara Mining and Power Corporation, Philippines
- Bangladesh Power Developement Board
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Mintek Dendrill Indonesia
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- Star Paper Mills Limited - India
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
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