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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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Monday, 26 August 13
CARRIAGE OF COAL CARGOES FROM KALIMANTAN, INDONESIA - WEST OF ENGLAND P&I CLUB
The Club has recently been advised by consulting scientists and engineers Dr J H Burgoyne and Partners (International) Limited that the number of in ...
Sunday, 25 August 13
API 8 CFR SOUTH CHINA COAL: HEADING TO NORTH
COALspot.com – Sub-Bit Indonesia coal swaps (FOB ) for average Q4 2013 delivery US$ 2.39 up month on month. The swap was moved positive ...
Sunday, 25 August 13
THE FREIGHT MARKET S7 & S8 SECTOR IS EXPECTED TO BE STEADY/FIRM NEXT WEEK - VISTAAR
COALspot.com - The freight market continued to be firm with all indices moved positive except for Panamax which was slightly down (2 pct down).
T ...
Friday, 23 August 13
US PRODUCED MORE COAL WEEK ON WEEK - EIA
COALspot.com – United states the world’s second largest coal producer produced totaled approximately 20.80 million short tons (mmst) of ...
Thursday, 22 August 13
PANAMAX : PERIOD MARKET IS STILL BEING LED BY STRONGER SENTIMENT IN THE FFA'S - FEARNRESEARCH
Handy
This week started slowly as expected. Indo biz now rate APS around 7k +60k to china and around 8k+80k to India. However, there are some ships ...
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- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- Bhatia International Limited - India
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Antam Resourcindo - Indonesia
- Therma Luzon, Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- Ind-Barath Power Infra Limited - India
- Electricity Authority, New Zealand
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- Agrawal Coal Company - India
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Planning Commission, India
- Price Waterhouse Coopers - Russia
- Semirara Mining and Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Bukit Asam (Persero) Tbk - Indonesia
- CNBM International Corporation - China
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- ASAPP Information Group - India
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Gujarat Sidhee Cement - India
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- Anglo American - United Kingdom
- Barasentosa Lestari - Indonesia
- Australian Coal Association
- Vijayanagar Sugar Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- San Jose City I Power Corp, Philippines
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- Renaissance Capital - South Africa
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- The Treasury - Australian Government
- TeaM Sual Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- The University of Queensland
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- Borneo Indobara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
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