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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, 12 August 13
GBCE SUCCESSFUL IN UPGRADING LOW RANK INDONESIAN COAL ON INDUSTRIAL SCALE
COALspot.com : GB Clean Energy Ltd. (GBCE) has annoused that, the company has successfully upgraded 2,426 tonnes of low rank 4,018 kcal NAR Ind ...
Monday, 12 August 13
INDIA - SAFE SHIPMENT OF IRON ORE FINES FROM INDIAN PORTS - WEST OF ENGLAND P&I CLUB
As Members may be aware, in 2009 two ships, the ‘Asian Forest’ and the ‘Black Rose’, capsized and sank following the liquefa ...
Sunday, 11 August 13
INDONESIAN COAL SWAPS : FLAT ON DAY
COALspot.com – Sub-Bit Indonesia coal swaps (FOB ) for average Q4 2013 delivery flat on day due to holidays in Indonesia, Malaysia & ...
Sunday, 11 August 13
SUPRAMAX FREIGHT RATES FROM INDONESIA TO INDIA CONTINUED TO BE SOFT - VISTAAR
COALspot.com : The freight market was soft this week with all indices down , the reason could be long weekend holidays in Indonesia, Singapore and M ...
Saturday, 10 August 13
MOODY'S: OUTLOOK FOR US COAL INDUSTRY CHANGES TO STABLE FROM NEGATIVE
Moody's Investors Service has changed its outlook for the US coal industry to stable from negative, the rating agency says in a new report, "U ...
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- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
- White Energy Company Limited
- Grasim Industreis Ltd - India
- Marubeni Corporation - India
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- The Treasury - Australian Government
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- Commonwealth Bank - Australia
- Maharashtra Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- Global Business Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Bukit Asam (Persero) Tbk - Indonesia
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Aboitiz Power Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- Electricity Authority, New Zealand
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- AsiaOL BioFuels Corp., Philippines
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Coal and Oil Company - UAE
- Thai Mozambique Logistica
- Star Paper Mills Limited - India
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- Mjunction Services Limited - India
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- OPG Power Generation Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- Savvy Resources Ltd - HongKong
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Simpson Spence & Young - Indonesia
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Georgia Ports Authority, United States
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- Economic Council, Georgia
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
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