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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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Monday, 07 October 13
SGX - CFR SOUTH CHINA COAL SWAPS END ALMOST FLAT
COALspot.com : SGX has launched API 8 CFR South China Coal Swap on 29 April 2013 and SGX replaced the previous swap.
API 8 CFR South China Coal s ...
Monday, 07 October 13
Q3'14 SUB-BIT FOB INDONESIA COAL SWAP CLOSED 6.53% HIGHER THAN Q4'13
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q4 2013 delivery gained 0.53 % on day and fell 2.33 percept month on month ...
Sunday, 06 October 13
DRY BULK FREIGHT MARKET STAYS STEADY IN SPITE CHINESE HOLIDAYS - SOLYM CARRIERS SINGAPORE
COALspot.com: The freight market continued to remain firm in spite of Chinese holidays.
The BDI closed at 2,084 points on Friday 4 October or up ...
Saturday, 05 October 13
CAPESIZE EARNINGS SKYROCKET AS A RESULT OF INCREASED CHINA DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
An increased iron ore demand has triggered this latest dry bulk rally, which could get yet another boost during next week, when China is expected to ...
Friday, 04 October 13
NICKEL ORE SHIPMENTS - LESSONS LEARNED FROM LOSSES
One of the most pressing problems for the bulk shipping industry is the safe carriage of nickel ore. The increasing demand for this commodity is fue ...
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- Ind-Barath Power Infra Limited - India
- The University of Queensland
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- SMC Global Power, Philippines
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- Global Business Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- Australian Coal Association
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- Ministry of Transport, Egypt
- Riau Bara Harum - Indonesia
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- Neyveli Lignite Corporation Ltd, - India
- PTC India Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- Bangladesh Power Developement Board
- PowerSource Philippines DevCo
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- Ministry of Finance - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- Thai Mozambique Logistica
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- Central Java Power - Indonesia
- Eastern Energy - Thailand
- Marubeni Corporation - India
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- Oldendorff Carriers - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
- Cement Manufacturers Association - India
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- Grasim Industreis Ltd - India
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- Therma Luzon, Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sical Logistics Limited - India
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- Timah Investasi Mineral - Indoneisa
- Malabar Cements Ltd - India
- Planning Commission, India
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- Orica Mining Services - Indonesia
- London Commodity Brokers - England
- Parliament of New Zealand
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- Miang Besar Coal Terminal - Indonesia
- Sakthi Sugars Limited - India
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- Jorong Barutama Greston.PT - Indonesia
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