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