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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, 18 August 13
INDO - INDIA FREIGHT EXPECTED TO BE FIRM NEXT WEEK - VISTAAR
COALspot.com - The freight market was up this week with the BDI gaining more than 10 pct due to strong Cape Sector.
The BDI was closed at 1,102 p ...
Friday, 16 August 13
US COAL PRODUCTION SLIGHTLY UP ON WEEK
COALspot.com – United states the world’s second largest coal producer produced totaled approximately 20.10 million short tons (mmst) of ...
Thursday, 15 August 13
CAPESIZE : TRENDS SOMETIMES SHIFT WITH NO PRIOR WARNING - FEARNRESEARCH
Handy
The influence of the summer holidays across Europe was felt in the Atlantic basin this week. Very little activity and a growing list of avail ...
Wednesday, 14 August 13
ANOTHER WEEK IN THE RED FOR DRY BULK CARRIERS - INTERMODAL
Chartering (Wet: Stable- / Dry: Stable- )
Another week in the red for Dry Bulk carriers with the market losing further steam as fewer an ...
Tuesday, 13 August 13
AUSTRALIA NEWCASTLE COAL EXPORTS JUMP 30.61 PERCENT ON WEEK
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port up 30.61 per cent week on week to 2.95 million mt for ...
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- Straits Asia Resources Limited - Singapore
- Heidelberg Cement - Germany
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Agrawal Coal Company - India
- Parliament of New Zealand
- Bharathi Cement Corporation - India
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Carbofer General Trading SA - India
- White Energy Company Limited
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- Videocon Industries ltd - India
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- Madhucon Powers Ltd - India
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- Tata Chemicals Ltd - India
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Australian Commodity Traders Exchange
- Jaiprakash Power Ventures ltd
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- Wood Mackenzie - Singapore
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- PTC India Limited - India
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Sakthi Sugars Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- McConnell Dowell - Australia
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Samtan Co., Ltd - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- Mercator Lines Limited - India
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- Pendopo Energi Batubara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- Petron Corporation, Philippines
- ASAPP Information Group - India
- Sarangani Energy Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- South Luzon Thermal Energy Corporation
- Bahari Cakrawala Sebuku - Indonesia
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Energy Development Corp, Philippines
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
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