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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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Thursday, 05 September 13
DRY BULK MARKET ON A HIGH ROLL, MAINLY THANKS TO CAPESIZE APPETITE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Capesize owners have been rejoycing on the back of renewed optimism for the further rise in the dry bulk market's freight rates, especially when on ...
Wednesday, 04 September 13
RBCT SHIPPED 16.18 PERCENT MORE COAL IN JULY
COALspot.com - Richards Bay Coal Terminal (RBCT) is the single largest coal export terminal South African as well as in the world has shipped 6,162, ...
Wednesday, 04 September 13
SUPRAS AND HANDIES : INDONESIAN COAL CARGOES ARE SUPPORTING HEALTHY ACTIVITY LEVELS - INTERMODAL
The Dry Bulk market has pooled back a bit this week after firming for two weeks in a row. The BDI is s holding above 1,100 points and despite the sm ...
Tuesday, 03 September 13
AUSTRALIA'S NEWCASTLE PORT SHIPPED 22.93 PER CENT MORE COAL W-O-W
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port up 22.93 per cent week on week to 3.39 million mt for ...
Sunday, 01 September 13
COAL SWAP SHOWS MIXED TREND
COALspot.com – Sub-Bit Indonesia coal swaps (FOB ) for average Q4 2013 delivery 1.25 percent up month on month. The swap was moved posit ...
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- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- Central Java Power - Indonesia
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Karaikal Port Pvt Ltd - India
- Mercuria Energy - Indonesia
- ASAPP Information Group - India
- Central Electricity Authority - India
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- Krishnapatnam Port Company Ltd. - India
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- Trasteel International SA, Italy
- Parliament of New Zealand
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- Chettinad Cement Corporation Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- Siam City Cement - Thailand
- Minerals Council of Australia
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Thai Mozambique Logistica
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- Savvy Resources Ltd - HongKong
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- VISA Power Limited - India
- Standard Chartered Bank - UAE
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Global Coal Blending Company Limited - Australia
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- New Zealand Coal & Carbon
- Eastern Coal Council - USA
- Bangladesh Power Developement Board
- White Energy Company Limited
- PTC India Limited - India
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- Economic Council, Georgia
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- The University of Queensland
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coal and Oil Company - UAE
- Global Business Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- European Bulk Services B.V. - Netherlands
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- Kobexindo Tractors - Indoneisa
- Meralco Power Generation, Philippines
- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Mintek Dendrill Indonesia
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