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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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Friday, 20 September 13
DRY BULK MARKET REACHES NEW HEIGHTS THIS WEEK STANDING AT THREE-YEAR HIGH - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The biggest rally of the dry bulk market in more than three years have brought back joy among ship owners, especially those active in the Capesize m ...
Friday, 20 September 13
US COAL PRODUCTION SLIGHTLY UP WEEK ON WEEK
COALspot.com – United States the world’s second largest coal producer produced totalled approximately 20.30 million short tons (mmst) of ...
Friday, 20 September 13
COLOMBIA SHIPPED 31.14 MILLION TONS OF THERMAL COAL IN H1
COALspot.com : Colombia’s coal exports fell by 20.59 percent in June 2013 compared to Colombia’s May's export of 7,633,579 MT.
Colom ...
Thursday, 19 September 13
CAPESIZE : AVERAGE DAILY EARNINGS HAVE GAINED ALMOST USD 6K WOW - FEARNLEYS
Handy
The rates in Feast are still firm this week even the activity calmed down a bit as chrtrs are not in a rush to cover even their end Sept carg ...
Wednesday, 18 September 13
IRON ORE AND ZINC ARE BEST PERFORMING MINING SECTORS IN CURRENT LOW PRICE, HIGH COST ENVIRONMENT - WOOD MACKENZIE
With the fall in commodity prices, cash margins in the mining industry have come under pressure. Accordingly, producers and investors are placing in ...
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- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Australian Coal Association
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- The University of Queensland
- White Energy Company Limited
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Parliament of New Zealand
- Latin American Coal - Colombia
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- Wood Mackenzie - Singapore
- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- Antam Resourcindo - Indonesia
- Indian Energy Exchange, India
- Siam City Cement - Thailand
- Posco Energy - South Korea
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- Energy Development Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- Deloitte Consulting - India
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Mercator Lines Limited - India
- PTC India Limited - India
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Tata Chemicals Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Holcim Trading Pte Ltd - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Bayan Resources Tbk. - Indonesia
- Planning Commission, India
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- Essar Steel Hazira Ltd - India
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- Ambuja Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- Economic Council, Georgia
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- Energy Link Ltd, New Zealand
- Mercuria Energy - Indonesia
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