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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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- Kideco Jaya Agung - Indonesia
- Standard Chartered Bank - UAE
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- Dalmia Cement Bharat India
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- Heidelberg Cement - Germany
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- Vizag Seaport Private Limited - India
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Salva Resources Pvt Ltd - India
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- Posco Energy - South Korea
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- Australian Coal Association
- Pipit Mutiara Jaya. PT, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- White Energy Company Limited
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- VISA Power Limited - India
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- PowerSource Philippines DevCo
- Mjunction Services Limited - India
- GAC Shipping (India) Pvt Ltd
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- TeaM Sual Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Meralco Power Generation, Philippines
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- SMC Global Power, Philippines
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Carbofer General Trading SA - India
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Latin American Coal - Colombia
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- PTC India Limited - India
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- Bhoruka Overseas - Indonesia
- The University of Queensland
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- Aboitiz Power Corporation - Philippines
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- Sree Jayajothi Cements Limited - India
- Bhushan Steel Limited - India
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- Formosa Plastics Group - Taiwan
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- The Treasury - Australian Government
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
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