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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, 16 September 13
WHAT RECOVERY MEANS FOR THE CAPESIZE MARKET - COMMODORE RESEARCH
COALspot.com: The simple fact that capesize rates have been able to increase above the $9,000/mark and become much more responsive to changes in car ...
Monday, 16 September 13
CFR SOUTH CHINA COAL SWAP: STABLE TO STEADY
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 ...
Monday, 16 September 13
INDONESIAN SUB-BIT COAL SWAP STRUGGLING TO FINDS THE RIGHT PATH
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q4 2013 delivery down 0.75 percept month on month on Friday 13 Septe ...
Sunday, 15 September 13
CAPE FREIGHT RATES RISE ON HIGH DEMAND AND TIGHT AVAILABILITY - CAPT. REDDY
COALspot.com : The BDI, Cape and Panamax indices are continued to rise and saw a steep surge with average index in these segments up around 25 pct w ...
Friday, 13 September 13
US COAL OUTPUT SLIPS 3.34% ON-WEEK
COALspot.com – United states the world’s second largest coal producer produced totaled approximately 20.20 million short tons (mmst) of ...
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- Mercator Lines Limited - India
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- Eastern Energy - Thailand
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Intertek Mineral Services - Indonesia
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- Energy Development Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- SMG Consultants - Indonesia
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Coalindo Energy - Indonesia
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- Carbofer General Trading SA - India
- Bulk Trading Sa - Switzerland
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- Bayan Resources Tbk. - Indonesia
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- Ind-Barath Power Infra Limited - India
- Coal and Oil Company - UAE
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- McConnell Dowell - Australia
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- Aditya Birla Group - India
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- Latin American Coal - Colombia
- Grasim Industreis Ltd - India
- Power Finance Corporation Ltd., India
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- Jindal Steel & Power Ltd - India
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- Videocon Industries ltd - India
- The State Trading Corporation of India Ltd
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- Binh Thuan Hamico - Vietnam
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Lanco Infratech Ltd - India
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- Kaltim Prima Coal - Indonesia
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- Jaiprakash Power Ventures ltd
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
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