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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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Sunday, 13 October 13
API 8 CFR SOUTH CHINA COAL - AVERAGE Q4 2013 DELIVERY FELL 0.30 PERCEPT ON WEEK
COALspot.com : API 8 CFR South China Coal swaps for average Q4 2013 delivery fell 0.30 percept week on week on Friday 11 October 2013. The CFR South ...
Saturday, 12 October 13
PANAMAX: OWNERS ARE AT US$ 17-18.5K PER DAY; CHARTERERS ARE AT US$ 15.5-16K - CAPT. REDDY
COALspot.com - The futures market was heavily down on the cape size vessels and the physical average charterer rates on cape size vessels dropped by ...
Friday, 11 October 13
DRY BULK FREIGHT RATE POSITIVE MOMENTUM TO BE SUPPORTED BY HIGHER DEMAND SAYS BIMCO - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
BIMCO released its latest short term research on the shipping markets, estimating that the elevated level of Capesize TC average rates i ...
Friday, 11 October 13
US COAL PRODUCTION FALLS 7.70% IN SEPTEMBER
COALspot.com – United States the world’s second largest coal producer produced approximately 17.70 million short tons (mmst) of coal in ...
Thursday, 10 October 13
NPC AUSTRALIA SHIPPED 2.99 MILLION TONS OF COAL W-O-W
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port up 12.04 per cent week on week to 2.99 million mt for ...
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- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Minerals Council of Australia
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- VISA Power Limited - India
- London Commodity Brokers - England
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- Coalindo Energy - Indonesia
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- PTC India Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- Semirara Mining and Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- Latin American Coal - Colombia
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Australian Commodity Traders Exchange
- Rio Tinto Coal - Australia
- Planning Commission, India
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Trasteel International SA, Italy
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- Ceylon Electricity Board - Sri Lanka
- Directorate Of Revenue Intelligence - India
- Global Green Power PLC Corporation, Philippines
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- White Energy Company Limited
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Eastern Energy - Thailand
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- International Coal Ventures Pvt Ltd - India
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- Directorate General of MIneral and Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- Posco Energy - South Korea
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- Australian Coal Association
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- GMR Energy Limited - India
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Gujarat Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IEA Clean Coal Centre - UK
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Mines - Canada
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- Port Waratah Coal Services - Australia
- The University of Queensland
- Energy Link Ltd, New Zealand
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- SMG Consultants - Indonesia
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- South Luzon Thermal Energy Corporation
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