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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, 29 September 13
SUB-BIT INDONESIA COAL SWAP FELL ON MONTH AND WEEK
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q4 2013 delivery fell 3.93 percept month on month on Friday 27 September 2 ...
Friday, 27 September 13
TAIWAN'S FORMOSA TO IMPORT 140K MT OF BITUMINOUS COAL FOR Q4
COALspot.com : Taiwan's Formosa Plastics Group is inviting bids for 140,000 mt of bituminous coal for delivery in the Q4 for its China plant.
Ac ...
Friday, 27 September 13
CAPESIZES REGAINING PART OF THEIR FORMER GLORY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The latest dry bulk market rally has been nothing short of spectacular, with freight rates more than doubling over the past few weeks. This growth h ...
Friday, 27 September 13
US PRODUCED 19.30 MMST OF COAL IN SEVEN DAYS
COALspot.com – United States the world’s second largest coal producer produced approximately 19.30 million short tons (mmst) of coal in ...
Thursday, 26 September 13
PANAMAX MARKET CONTINUE WITH STRONG RATES IN BOTH BASINS - FEARNRESEARCH
Handy
Feast rates are still firm, some fresh stems entered the market. Vessels trading around $15k passing Singapore for coal to India, and a bit l ...
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- Marubeni Corporation - India
- Gujarat Sidhee Cement - India
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- PetroVietnam Power Coal Import and Supply Company
- San Jose City I Power Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- Barasentosa Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Chamber of Mines of South Africa
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Indian Oil Corporation Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- Goldman Sachs - Singapore
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- PowerSource Philippines DevCo
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- The University of Queensland
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- Eastern Energy - Thailand
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GMR Energy Limited - India
- Bhatia International Limited - India
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- Mintek Dendrill Indonesia
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Posco Energy - South Korea
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- Anglo American - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- VISA Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Jindal Steel & Power Ltd - India
- Energy Link Ltd, New Zealand
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- Australian Coal Association
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
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