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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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Sunday, 08 September 13
BALTIC INDEX UP ON HIGHER CAPESIZE, PANAMAX RATES
COALspot.com : The freight market continued saw one of the biggest rally last week with Cape Size taking the lead followed by Panamax.
The BDI wa ...
Friday, 06 September 13
DRY BULK MARKET REACHES NEW YEAR-HIGHS ON THE BACK OF INCREASED CAPESIZE DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has been on the rise once again, but this time around any new increase of freight rates translates into new year-highs, thus bri ...
Friday, 06 September 13
US PRODUCED APPROXIMATELY 90.80 MMST OF COAL IN AUGUST
COALspot.com – United states the world’s second largest coal producer produced totaled approximately 20.90 million short tons (mmst) of ...
Thursday, 05 September 13
INDONESIAN COAL EXPORTS UP BY 6.72 PERCENT IN JULY
COALspot.com: Indonesia, the world's largest multi grade coal exporter shipped 35.268* million tons of coal in July 2013. Indonesian coal exp ...
Thursday, 05 September 13
HANDY: NICKEL ORE WAS PUSHING THE FAR EAST MARKET - FEARNLEYS
Handy
Nickel Ore was pushing the Feast market, several ships were fixed from low teens to $14k. Indo/India was still supported by bauxite, while th ...
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- Gujarat Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- Africa Commodities Group - South Africa
- GMR Energy Limited - India
- CNBM International Corporation - China
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PowerSource Philippines DevCo
- Oldendorff Carriers - Singapore
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- The University of Queensland
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sakthi Sugars Limited - India
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- International Coal Ventures Pvt Ltd - India
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- Aditya Birla Group - India
- Siam City Cement - Thailand
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- LBH Netherlands Bv - Netherlands
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- Indogreen Group - Indonesia
- Thai Mozambique Logistica
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Kapuas Tunggal Persada - Indonesia
- PTC India Limited - India
- Minerals Council of Australia
- Baramulti Group, Indonesia
- Renaissance Capital - South Africa
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- Salva Resources Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- Tamil Nadu electricity Board
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Interocean Group of Companies - India
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Borneo Indobara - Indonesia
- TeaM Sual Corporation - Philippines
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- Price Waterhouse Coopers - Russia
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- Chettinad Cement Corporation Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Central Java Power - Indonesia
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- Eastern Energy - Thailand
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- IEA Clean Coal Centre - UK
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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