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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, 23 September 13
AUSTRALIA'S NEWCASTLE PORT SHIPPED 3 PERCENT LESS COAL WEEK ON WEEK
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port fell 3 per cent week on week to 2.92 million mt for t ...
Sunday, 22 September 13
BDI STRENGTHENS FURTHER AS CAPESIZE FREIGHT RATES JUMP - CAPT. REDDY
COALspot.com: The freight market continued its upward trend and maintaining the moment with BDI and Cape index up by 16 pct week on week. The Capesi ...
Sunday, 22 September 13
API 8 CFR SOUTH CHINA COAL SWAPS ADVANCE
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 ...
Sunday, 22 September 13
SUB-BIT INDONESIA COAL SWAPS REMAIN UNDER PRESSURE
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q4 2013 delivery down 2.09 percept month on month on Friday 20 September 2 ...
Friday, 20 September 13
SHIP OWNERS INVEST MORE THAN $9.2 BILLION ON NEW BUILDING VESSELS DURING AUGUST - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Despite the fact that August is traditionally a slow month in terms of ships investment activity, ship owners have grasped this year the opportunity ...
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- McConnell Dowell - Australia
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- Minerals Council of Australia
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Sree Jayajothi Cements Limited - India
- Sindya Power Generating Company Private Ltd
- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Bhatia International Limited - India
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- Bulk Trading Sa - Switzerland
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Sojitz Corporation - Japan
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- Agrawal Coal Company - India
- Madhucon Powers Ltd - India
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- The University of Queensland
- GMR Energy Limited - India
- Trasteel International SA, Italy
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Billiton Holdings Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- Barasentosa Lestari - Indonesia
- Parliament of New Zealand
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Ministry of Mines - Canada
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Merrill Lynch Commodities Europe
- Gujarat Mineral Development Corp Ltd - India
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Formosa Plastics Group - Taiwan
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
- PetroVietnam Power Coal Import and Supply Company
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- MS Steel International - UAE
- Sical Logistics Limited - India
- TeaM Sual Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Attock Cement Pakistan Limited
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- Independent Power Producers Association of India
- India Bulls Power Limited - India
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- SMC Global Power, Philippines
- Australian Coal Association
- Orica Mining Services - Indonesia
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- Mintek Dendrill Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- PTC India Limited - India
- Africa Commodities Group - South Africa
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
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