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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, 13 September 13
DIRECTOR GENERAL OF MINERAL AND COAL OF INDONESIA REVISED UP COAL PRICE REFERENCE TO US$ 76.89
COALspot. com - The Indonesian government has revised up its owned coal bench mark price by US$ 0.19/ MT to US$ 76.89 for September 2013 deliveries ...
Thursday, 12 September 13
PANAMAX : PACIFIC ROUNDS ARE NOW REPORTED BETWEEN USD 13K AND 15K PER DAY - FEARNRESEARCH
Handy
Nickel ore is a key support SE Asia/Feast rate at the moment; vessel in N.China were fixed around USD 11-12k, ships in mid China can expect a ...
Thursday, 12 September 13
CAPESIZE MARKET WILL BECOME EVEN TIGHTER - JEFFREY LANDSBERG
COALspot.com : While it is no secret that current capesize availability has become tight and has caused capesize rates to surge, availability is set ...
Thursday, 12 September 13
OVER THE WORST? WE MIGHT FIND OUT THIS WEEK - BIMCO
The shipping market has a spring in its step, even as summer draws to a close. There is it seems, confidence that finally, we are emerging into the ...
Thursday, 12 September 13
DRY BULK MARKET RALLY COMES AT A GOOD TIME FOR MOST SHIP OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The latest surge of the dry bulk market has helped offset other lingering factors, which otherwise, could have plunged freight rates to new lows. Fo ...
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- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- Kapuas Tunggal Persada - Indonesia
- Independent Power Producers Association of India
- GMR Energy Limited - India
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- Indika Energy - Indonesia
- Renaissance Capital - South Africa
- Planning Commission, India
- India Bulls Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Videocon Industries ltd - India
- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- The University of Queensland
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- Formosa Plastics Group - Taiwan
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Barasentosa Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Trasteel International SA, Italy
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- Wilmar Investment Holdings
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- Singapore Mercantile Exchange
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- Indian Oil Corporation Limited
- Meralco Power Generation, Philippines
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Deloitte Consulting - India
- Vedanta Resources Plc - India
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Star Paper Mills Limited - India
- McConnell Dowell - Australia
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- Coastal Gujarat Power Limited - India
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- Toyota Tsusho Corporation, Japan
- London Commodity Brokers - England
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Malabar Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- Attock Cement Pakistan Limited
- European Bulk Services B.V. - Netherlands
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- Medco Energi Mining Internasional
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- CNBM International Corporation - China
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- Uttam Galva Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Grasim Industreis Ltd - India
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- Simpson Spence & Young - Indonesia
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- VISA Power Limited - India
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Australian Coal Association
- Semirara Mining and Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Power Finance Corporation Ltd., India
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- Energy Link Ltd, New Zealand
- Energy Development Corp, Philippines
- Ambuja Cements Ltd - India
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- Heidelberg Cement - Germany
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
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