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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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Wednesday, 02 October 13
HOW LONG WILL THIS LATEST CAPESIZE RALLY LAST? - TASOS PAPADOPOULOS
By Tasos Papadopoulos, SnP Broker, Intermodal
The surge in iron ore trade has translated into a massive boost in daily earnings for capes; with t ...
Tuesday, 01 October 13
DRY BULK MARKET POISED FOR RETREAT ON CHINA HOLIDAY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The start of a national weeklong in China as of Tuesday is expected to put a lid in the latest rally of the dry bulk freight market, as has always b ...
Monday, 30 September 13
NEWCASTLE'S COAL EXPORT VOLUME CONTINUES TO SLIP
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port fell 8.38 per cent week on week to 2.67 million mt fo ...
Monday, 30 September 13
PANAMAX CHARTER RATES TOUCHING US$ 18K FOR A TRIP TO NOPAC - CAPT. REDDY
COALspot.com : The freight market continued to remain firm, BDI and the Panamax index up week ended 27 September 2013.
The cape index was fell to ...
Sunday, 29 September 13
API 8 CFR SOUTH CHINA COAL Q3 2014 DELIVERY SWAP GAINED $1.19 M-O-M
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 ...
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- Globalindo Alam Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- Kideco Jaya Agung - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- Wilmar Investment Holdings
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- Malabar Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mjunction Services Limited - India
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- Bharathi Cement Corporation - India
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- Makarim & Taira - Indonesia
- South Luzon Thermal Energy Corporation
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Binh Thuan Hamico - Vietnam
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement - Thailand
- Aditya Birla Group - India
- Indika Energy - Indonesia
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Cement Manufacturers Association - India
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- PTC India Limited - India
- White Energy Company Limited
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- Semirara Mining and Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- Toyota Tsusho Corporation, Japan
- Bhatia International Limited - India
- Coal and Oil Company - UAE
- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- The University of Queensland
- Kepco SPC Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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