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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, 15 October 13
CHINA COAL IMPORTS TO KEEP GROWING IN THE YEARS TO COME, ALBEIT AT A SLOWER RATE - EVA TZIMA / NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In its latest monthly report, shipbroker Intermodal highlighted the growing role of coal in the energy mix. According to Intermodal's research anal ...
Tuesday, 15 October 13
NEWCASTLE PORT SHIPPED 6.50% MORE COAL W-O-W
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port up 6.50 per cent week on week to 3.19 million mt for ...
Monday, 14 October 13
MEMR OF INDONESIA SETS THE COAL'S SPOT PRICE AT US$ 76.61 FOR OCT'13 DELIVERY
COALspot. com - The Indonesian government has revised down government declared coal bench mark price by US$ 0.28/ MT to US$ 76.61 for October 2013 d ...
Monday, 14 October 13
CARBON POLICIES UNLIKELY TO PREVENT A COAL-FUELLED WORLD - WOOD MACKENZIE
China will propel coal growth but US, Europe and Asia will sustain global demand.
At the World Energy Congress (WEC) today Wood Mackenzie's Pres ...
Sunday, 13 October 13
Q4'13 DELIVERY SUB-BIT INDO COAL SWAP FALLS SEVEN STRAIGHT WEEK
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q4 2013 delivery fell 1.72 percept month on month on Friday 11 October 201 ...
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- White Energy Company Limited
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- Dalmia Cement Bharat India
- Bukit Baiduri Energy - Indonesia
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- GVK Power & Infra Limited - India
- Planning Commission, India
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Trasteel International SA, Italy
- Aditya Birla Group - India
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Kohat Cement Company Ltd. - Pakistan
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Therma Luzon, Inc, Philippines
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- Central Java Power - Indonesia
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- Australian Commodity Traders Exchange
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Vedanta Resources Plc - India
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Madhucon Powers Ltd - India
- Meralco Power Generation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- Bulk Trading Sa - Switzerland
- PTC India Limited - India
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- Lanco Infratech Ltd - India
- Australian Coal Association
- Siam City Cement - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- Renaissance Capital - South Africa
- Sree Jayajothi Cements Limited - India
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- McConnell Dowell - Australia
- Ministry of Mines - Canada
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Directorate General of MIneral and Coal - Indonesia
- Indogreen Group - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Mercuria Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- VISA Power Limited - India
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- GMR Energy Limited - India
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- Chamber of Mines of South Africa
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- Antam Resourcindo - Indonesia
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Energy Link Ltd, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indian Energy Exchange, India
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- SN Aboitiz Power Inc, Philippines
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