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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, 18 September 13
DRY BULK MARKET CONTINUED TO ADVANCE - INTERMODAL
Chartering (Wet: Stable- / Dry: Firm+ )
The Dry Bulk market continued to advance at a very fast pace, with the BDI closing off the week north ...
Tuesday, 17 September 13
BUMA PRODUCED 3.57 PERCENT MORE COAL IN AUGUST
COALspot.com: BUMA has removed totaled 25.20 million bcm of overburden to produce 2.90 million tons coal in August 2013. BUMI produced 3.07 percent ...
Tuesday, 17 September 13
NEWCASTLE PORT SHIPPED ABOUT 27 PERCENT MORE COAL WEEK ON WEEK
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port up 27.26 per cent week on week to 3.01 million mt for ...
Tuesday, 17 September 13
TAIPOWER INVITES BIDS FOR SUPPLY OF SUB-BITUMINOUS COAL
COALspot.com - Taiwan Power Company intends to procure 1.050 million tons of sub-bituminous coal for Taipower thermal power plant through open tende ...
Tuesday, 17 September 13
ORPHEUS SECURES SIGNIFICANT INFRASTRUCTURE DEAL THROUGH ACQUISITION OF SOUTH KALIMANTAN PORT CAPACITY
COALspot.com : Orpheus Energy Limited (ASX: OEG) of Australia has today announced that, it has executed a binding agreement with the proprietor of S ...
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- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- Electricity Generating Authority of Thailand
- Vizag Seaport Private Limited - India
- McConnell Dowell - Australia
- Altura Mining Limited, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- International Coal Ventures Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- Aboitiz Power Corporation - Philippines
- Parliament of New Zealand
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Thai Mozambique Logistica
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- Renaissance Capital - South Africa
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- PowerSource Philippines DevCo
- Energy Development Corp, Philippines
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- Independent Power Producers Association of India
- Coalindo Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Barasentosa Lestari - Indonesia
- The University of Queensland
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- Ind-Barath Power Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- Minerals Council of Australia
- White Energy Company Limited
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- Bhatia International Limited - India
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
- Heidelberg Cement - Germany
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Agrawal Coal Company - India
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- Edison Trading Spa - Italy
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- Australian Coal Association
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
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