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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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Wednesday, 21 August 13
DRY BULK SHIPPING - POSITIVE WINDOW FOR CAPESIZE OWNERS - PETER SAND
By: Peter Sand, Chief Shipping Analyst, BIMCO
Demand:
“Expect the unexpected from the dry bulk market” was what we wrote last time ar ...
Wednesday, 21 August 13
RATES FOR CAPES MOVED DECISIVELY NORTH THIS WEEK - INTERMODAL
COALspot.com - Right when the BDI seemed ready for another dive below the 1000 points level, the Dry Bulk market made significant comeback this week ...
Tuesday, 20 August 13
AUSTRALIA NEWCASTLE COAL EXPORTS FALL 19.15 PERCENT ON WEEK
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port fell 19.15 per cent week on week to 2.39 million mt f ...
Tuesday, 20 August 13
CAPESIZE RATES MORE SENSITIVE TO DEMAND - COMMODORE RESEARCH & CONSULTANCY
COALspot.com : Approximately 71.50 million tons of iron ore is now stockpiled at Chinese ports, 900,000 tons (-1%) less than a week ago, Commodore R ...
Sunday, 18 August 13
SUB-BIT FOB INDONESIA COAL SWAP : ON POSITIVE DIRECTION ON DAY, WEEK AND MONTH
COALspot.com – Sub-Bit Indonesia coal swaps (FOB ) for average Q4 2013 delivery US$ 1.83 up month on month. The swap was moved positive ...
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- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- Mjunction Services Limited - India
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Energy - Thailand
- Planning Commission, India
- Star Paper Mills Limited - India
- Energy Link Ltd, New Zealand
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- Altura Mining Limited, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Sindya Power Generating Company Private Ltd
- Indian Energy Exchange, India
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Indian Oil Corporation Limited
- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- Semirara Mining and Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- Global Business Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- Meralco Power Generation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- Standard Chartered Bank - UAE
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- Salva Resources Pvt Ltd - India
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- McConnell Dowell - Australia
- The Treasury - Australian Government
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- PowerSource Philippines DevCo
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- PTC India Limited - India
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- Mintek Dendrill Indonesia
- CIMB Investment Bank - Malaysia
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- The University of Queensland
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Aboitiz Power Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- Miang Besar Coal Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- Heidelberg Cement - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- Attock Cement Pakistan Limited
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Authority, New Zealand
- Anglo American - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
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