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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, 01 September 13
INDONESIA TO INDIA SPOT FREIGHT STAYS FIRM THIS WEEK - VISTAAR
COALspot.com: The freight market continued to be firm with even though the BDI and Cape index dropped by about 3 pct week on week.
The BDI was do ...
Friday, 30 August 13
US COAL PRODUCTION FELL 0.48 PERCENT WEEK ON WEEK - EIA
COALspot.com – United states the world’s second largest coal producer produced totaled approximately 20.70 million short tons (mmst) of ...
Thursday, 29 August 13
HANDY: THE PACIFIC MARKET STARTED HEALTHY THIS WEEK - FEARNRESEARCH
Handy
The Pacific market started healthy this week. We have seen many bauxite, iron ore and few coal fixtures. Ships passing Singapore were able to ...
Thursday, 29 August 13
NO RATING IMPACT ON INDONESIAN ENERGY COMPANIES FROM RUPIAH DEPRECIATION - FITCH RATINGS
Fitch Ratings says the credit profiles of rated Indonesian energy and utilities companies, including thermal coal producers, will largely remain una ...
Tuesday, 27 August 13
AUSTRALIA NEWCASTLE COAL EXPORTS JUMPED 15.59 PERCENT ON WEEK
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port up 15.59 per cent week on week to 2.76 million mt for ...
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- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- Tamil Nadu electricity Board
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Iligan Light & Power Inc, Philippines
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- VISA Power Limited - India
- Renaissance Capital - South Africa
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- Jaiprakash Power Ventures ltd
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- Videocon Industries ltd - India
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- Orica Australia Pty. Ltd.
- LBH Netherlands Bv - Netherlands
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- Baramulti Group, Indonesia
- Madhucon Powers Ltd - India
- PTC India Limited - India
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Essar Steel Hazira Ltd - India
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- Latin American Coal - Colombia
- Wilmar Investment Holdings
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- Independent Power Producers Association of India
- Energy Link Ltd, New Zealand
- Indogreen Group - Indonesia
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Parliament of New Zealand
- Mercator Lines Limited - India
- Commonwealth Bank - Australia
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Bukit Makmur.PT - Indonesia
- IEA Clean Coal Centre - UK
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
- Central Electricity Authority - India
- PNOC Exploration Corporation - Philippines
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aboitiz Power Corporation - Philippines
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Attock Cement Pakistan Limited
- SMC Global Power, Philippines
- Minerals Council of Australia
- The Treasury - Australian Government
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- Tata Chemicals Ltd - India
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Thai Mozambique Logistica
- Bhushan Steel Limited - India
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- Pipit Mutiara Jaya. PT, Indonesia
- Altura Mining Limited, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
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