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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, 04 August 13
COAL SWAP MARKET HAS LOST DIRECTION; STRUGGLING TO CATCH UP
COALspot.com – Sub-Bit Indonesia coal swaps (FOB ) for average October 2013 delivery slightly down on day, week and month on Friday, 2 A ...
Sunday, 04 August 13
INDONESIA TO INDIA SUPRAMAX FREIGHT SOFT DUE TO HOLIDAYS IN INDONESIA - VISTAAR
COALspot.com : The freight market was fairly steady this week with the BDI recovering towards north since second half of the week with the support o ...
Friday, 02 August 13
DRY BULK MARKET STABILIZES ON RENEWED MARKET ACTIVITY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has kept its positive footing this week, although it's still a far cry to deem the market situation as a growing one, especiall ...
Friday, 02 August 13
ASIA ACCOUNTS FOR 27.95 PERCENT OF US COAL EXPORTS IN Q1, 2013
COALspot.com – United states the world’s second largest coal producer produced totaled approximately 20.80 million short tons (mmst) of ...
Thursday, 01 August 13
CAPESIZE: THE FLOW OF CARGOES REMAINS RELATIVELY STABLE, AND THE PACIFIC IS LOOKING PROMISING - FEARNLEYS AS
Handy
The Pacific market is still facing low activity, so no wonder that the tonnage list is getting longer. It´s still Ramadan and only a fe ...
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- Australian Coal Association
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Coalindo Energy - Indonesia
- Vizag Seaport Private Limited - India
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- GN Power Mariveles Coal Plant, Philippines
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
- Timah Investasi Mineral - Indoneisa
- Carbofer General Trading SA - India
- Wilmar Investment Holdings
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- Straits Asia Resources Limited - Singapore
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- GMR Energy Limited - India
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- The Treasury - Australian Government
- GVK Power & Infra Limited - India
- Makarim & Taira - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- Mercuria Energy - Indonesia
- Siam City Cement PLC, Thailand
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Mintek Dendrill Indonesia
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- Barasentosa Lestari - Indonesia
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Agrawal Coal Company - India
- Kapuas Tunggal Persada - Indonesia
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- Directorate Of Revenue Intelligence - India
- India Bulls Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- Orica Australia Pty. Ltd.
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- Global Business Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- Central Java Power - Indonesia
- McConnell Dowell - Australia
- Kepco SPC Power Corporation, Philippines
- Xindia Steels Limited - India
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- VISA Power Limited - India
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
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