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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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Thursday, 26 September 13
INTERCARGO PUBLISHES BENCHMARKING BULK CARRIERS 2012-13 REPORT
The International Association of Dry Cargo Shipowners (Intercargo) has today launched Benchmarking Bulk Carriers 2012-13, the latest edition of our ...
Thursday, 26 September 13
DRY BULK MARKET KEEPS ON RALLYING ON THE BACK OF HIGH CAPESIZE DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has kept its momentum over the course of the past week, on the back of increased demand for Capesizes and an improvement of mark ...
Wednesday, 25 September 13
RBCT'S COAL EXPORT DECLINES IN AUGUST
COALspot.com - Richards Bay Coal Terminal (RBCT) is the single largest coal export terminal in South African as well as in the world has shipped 16. ...
Wednesday, 25 September 13
CAPES TOUCHING RATES NO ONE BELIEVED COULD BE ACHIEVED IN 2013 - INTERMODAL
Chartering (Wet: Stable- / Dry: Firm+ )
The Dry Bulk market is the gift that keeps on giving these days. With rates for Capes touching numbers ...
Wednesday, 25 September 13
IS IT TIME AGAIN TO SUPERSIZE AGAIN? - GEORGE LAZARIDIS
After an early arrival of the seasonal rally in the Capesize market, things look to be on the upbeat for these dry bulk giants. With the Index reach ...
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- Savvy Resources Ltd - HongKong
- Leighton Contractors Pty Ltd - Australia
- Trasteel International SA, Italy
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
- PetroVietnam Power Coal Import and Supply Company
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- Indogreen Group - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- PTC India Limited - India
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- Manunggal Multi Energi - Indonesia
- MS Steel International - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- Semirara Mining Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Chamber of Mines of South Africa
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- Malabar Cements Ltd - India
- Global Business Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- Heidelberg Cement - Germany
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Videocon Industries ltd - India
- Economic Council, Georgia
- Orica Australia Pty. Ltd.
- Power Finance Corporation Ltd., India
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Standard Chartered Bank - UAE
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- The Treasury - Australian Government
- Goldman Sachs - Singapore
- International Coal Ventures Pvt Ltd - India
- Indonesian Coal Mining Association
- ASAPP Information Group - India
- CNBM International Corporation - China
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ICICI Bank Limited - India
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Bukit Baiduri Energy - Indonesia
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- Australian Coal Association
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- GVK Power & Infra Limited - India
- Deloitte Consulting - India
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