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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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Tuesday, 06 August 13
UNLEASHING SHALE GAS POTENTIAL AS A GLOBAL ENERGY GAME CHANGER
In its 4th year running, the Annual Shale Gas Conference will bring leaders from North American shale gas operators, key Asian regulators, multi ...
Tuesday, 06 August 13
GBCE APPOINTS BENJAMIN WILEY AS NEW MANAGING DIRECTOR
COALspot.com : GB Clean Energy Ltd. (GBCE) announced today that Mr. Benjamin Wiley has been appointed as Managing Director.
Mr. Wiley has ...
Tuesday, 06 August 13
AUSTRALIAN NEWCASTLE PORT'S COAL EXPORTS FALL 23.16 PERCENT ON WEEK TO 2.26 MMT
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port fell 15.8 percent week on week to 2.26 million mt for ...
Monday, 05 August 13
PAPERLESS TRADING (ELECTRONIC BILLS OF LADING) - FREQUENTLY ASKED QUESTIONS ("FAQS") - UK P&I CLUB
A number of Members have contacted the Club with queries regarding the use of electronic bills of lading and any potential consequences for P&I ...
Monday, 05 August 13
INDO GOVERNMENT'S DECLARED HBA IN AUGUST '13 FALL TO LOWEST LEVEL SINCE JANUARY '10
COALspot. com - HBA fell to US$ 76.70 this month, the lowest since January 2010. Indonesian Coal Price Reference fell 6.11% and hitting a 2013 ...
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- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- White Energy Company Limited
- Kumho Petrochemical, South Korea
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Transport, Egypt
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Cement Manufacturers Association - India
- Riau Bara Harum - Indonesia
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- VISA Power Limited - India
- SMG Consultants - Indonesia
- Parliament of New Zealand
- Indika Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Coal and Oil Company - UAE
- Straits Asia Resources Limited - Singapore
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Tata Chemicals Ltd - India
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bhatia International Limited - India
- Romanian Commodities Exchange
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- CNBM International Corporation - China
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Bhushan Steel Limited - India
- Kobexindo Tractors - Indoneisa
- Central Electricity Authority - India
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- Medco Energi Mining Internasional
- Bangladesh Power Developement Board
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- PTC India Limited - India
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- Uttam Galva Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- Videocon Industries ltd - India
- PowerSource Philippines DevCo
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- Formosa Plastics Group - Taiwan
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Interocean Group of Companies - India
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
- GAC Shipping (India) Pvt Ltd
- AsiaOL BioFuels Corp., Philippines
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Intertek Mineral Services - Indonesia
- Barasentosa Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Posco Energy - South Korea
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Planning Commission, India
- London Commodity Brokers - England
- Borneo Indobara - Indonesia
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- New Zealand Coal & Carbon
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- Coalindo Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- Mercator Lines Limited - India
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- Mintek Dendrill Indonesia
- Madhucon Powers Ltd - India
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- Binh Thuan Hamico - Vietnam
- Economic Council, Georgia
- Gujarat Sidhee Cement - India
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