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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, 11 September 13
ASIA - PACIFIC THERMAL COAL MARKET TO REMAIN OVERSUPPLIED IN NEXT 12 MONTHS - FITCH RATINGS
COALspot.com: Fitch Ratings says the Asia-Pacific thermal coal market will remain oversupplied in the next 12 months because strong production has b ...
Tuesday, 10 September 13
COAL EXPORTS AT AUSTRALIA'S NEWCASTLE PORT SLIP 30.31% ON WEEK TO 2.36 MMT
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port down 30.31 per cent week on week to 2.36 million mt f ...
Tuesday, 10 September 13
WORLDWIDE COAL CONSUMPTION RISES SHARPLY - RA DR. ERICH SCHMITZ
By: RA Dr. Erich Schmitz, Verein der Kohlenimporteure (Germany Coal Importers Association)
World hard coal market in the first half of 2013: worl ...
Monday, 09 September 13
REBOUND IN NEWBUILDING ORDERS HASN'T HURT DRY BULK MARKET PROSPECTS, BUT SHIP OWNERS SHOULD STILL BE CAUTIOUS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Since the start of 2013 and up until the end of August, one thing has really caught the headlines in the dry bulk market, except of course, the frei ...
Sunday, 08 September 13
Q3 2014 THERMAL COAL SWAPS : STEADY DIRECTION
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q4 2013 delivery up 1.88 percent month on month. The swap was moved ...
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- Straits Asia Resources Limited - Singapore
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- ASAPP Information Group - India
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- Essar Steel Hazira Ltd - India
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Grasim Industreis Ltd - India
- Australian Coal Association
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- Tamil Nadu electricity Board
- Agrawal Coal Company - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- Parliament of New Zealand
- Energy Link Ltd, New Zealand
- The University of Queensland
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Ambuja Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- Vizag Seaport Private Limited - India
- India Bulls Power Limited - India
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Baiduri Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- Global Business Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- Tata Chemicals Ltd - India
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- Bhatia International Limited - India
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- Meenaskhi Energy Private Limited - India
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Sical Logistics Limited - India
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Romanian Commodities Exchange
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- TNB Fuel Sdn Bhd - Malaysia
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- SMG Consultants - Indonesia
- Commonwealth Bank - Australia
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- Chettinad Cement Corporation Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- AsiaOL BioFuels Corp., Philippines
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