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Friday, 27 September 13
CAPESIZES REGAINING PART OF THEIR FORMER GLORY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The latest dry bulk market rally has been nothing short of spectacular, with freight rates more than doubling over the past few weeks. This growth has largely been led by the once again booming Capesize segment, the largest of the bulk carriers' breed. In its latest report, shipbroker Intermodal noted that with the Baltic Capesize Index now above 4,000 points and the average of the 4 TC routes only a breadth away from $40,000 per day, it looks as though the worst is now behind us and all market players take an opportunity for a breather and to reorganize their strategy.
According to Mr. George Lazaridis, Research Analyst, noted that "this climb in the freight market is no small feat. The last time we saw the freight market climb to these levels was back in 2010 in the respective September rally then. This was at a time when the Capesize and VLOC fleet stood at around 1,096 vessels compared to the current fleet of 1,437 (that’s give or take 500 deliveries minus scrapping and a more than 30% increase in carrying capacity). In comparison we now stand head to head with a considerably smaller order book schedule (14% order book to fleet ratio compared to the 50% seen in 2010) and are still seeing a strong rise in demand from commodities such as iron ore and coal albeit", he noted.
Lazaridis said that "as promising as the above may sound, this may end up being nothing more than just a September rally. Rates will drop back down from their current highs and although it doesn’t look likely that they will reach the lows of 2012 any time soon, it also looks unlikely that we will soon see a rapid boom in the market that would drive a major “bull rush” and that may well be why we haven’t really seen that many investors in a hurry to secure units in the second hand market nor slots in the new building market", he said.
Still, on the other hand, "looking at both the prices in the second hand market and new building market, you do tend tο wonder why we haven’t seen more activity? I mean it’s not like Capes had been excessively priced compared to Panamaxes, with the latter having witnessed a remarkable rise in interest and activity over the past nine months. Granted that all prices have now gone up since their previous rock bottom levels of December 2012, however there is still reason to take interest in this size segment. Resale, 5 year old and 10 year old units are trading at price levels which are at competitive levels when compared to their new building counterparts. Yes, they may not be new eco-designs, but the discount is still noteworthy (11%, 30% and 56% cheaper than a new building for resale, 5 year old and 10 year old respectively) and when compared to their current going period charter levels, it makes sense to take on this minimal risk as the pay-off seems to be significant", said Mr. Lazaridis.
He went on to note that "the current price gap that has occurred has been partly due to the sharp rise in new building prices over the past nine months which was at a faster pace than the second hand market could accommodate. What’s more is that although we are not at the absolute bottom anymore, we are still at low second hand price levels which were last seen in the early 2000’s. As an example, a five year old Capesize would be changing hands for US$ 35.0m in the second hand market in October 2003 while during the same period a new building would cost around US$ 42.5m (meaning that the then discount of a 5 year old vessel was only 22%). So there you have it. The fundamentals seem to be there for Capes this week and while it has been the Panamaxes that have attracted most of the interest over these past couple of months, it seems to be the Capesize market that is promising higher gains thanks to the current market arbitrage. That is all well and good if you can find a noteworthy vessel for sale in this market, because as it seems, as much as there may be a limited number of buyers for Capes, so too is there a shortage of good quality candidates circulating the market. As such, one wonders how much longer these low price levels may last?", Lazaridis concluded.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Tuesday, 15 October 13
CHINA COAL IMPORTS TO KEEP GROWING IN THE YEARS TO COME, ALBEIT AT A SLOWER RATE - EVA TZIMA / NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In its latest monthly report, shipbroker Intermodal highlighted the growing role of coal in the energy mix. According to Intermodal's research anal ...
Tuesday, 15 October 13
NEWCASTLE PORT SHIPPED 6.50% MORE COAL W-O-W
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port up 6.50 per cent week on week to 3.19 million mt for ...
Monday, 14 October 13
MEMR OF INDONESIA SETS THE COAL'S SPOT PRICE AT US$ 76.61 FOR OCT'13 DELIVERY
COALspot. com - The Indonesian government has revised down government declared coal bench mark price by US$ 0.28/ MT to US$ 76.61 for October 2013 d ...
Monday, 14 October 13
CARBON POLICIES UNLIKELY TO PREVENT A COAL-FUELLED WORLD - WOOD MACKENZIE
China will propel coal growth but US, Europe and Asia will sustain global demand.
At the World Energy Congress (WEC) today Wood Mackenzie's Pres ...
Sunday, 13 October 13
Q4'13 DELIVERY SUB-BIT INDO COAL SWAP FALLS SEVEN STRAIGHT WEEK
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q4 2013 delivery fell 1.72 percept month on month on Friday 11 October 201 ...
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- Kapuas Tunggal Persada - Indonesia
- Thai Mozambique Logistica
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
- Formosa Plastics Group - Taiwan
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- Parliament of New Zealand
- Ministry of Mines - Canada
- Jindal Steel & Power Ltd - India
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- The Treasury - Australian Government
- Mjunction Services Limited - India
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- Bhatia International Limited - India
- Central Java Power - Indonesia
- Eastern Energy - Thailand
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- London Commodity Brokers - England
- Tamil Nadu electricity Board
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- Indonesian Coal Mining Association
- Kalimantan Lumbung Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- Anglo American - United Kingdom
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- Neyveli Lignite Corporation Ltd, - India
- Oldendorff Carriers - Singapore
- Maharashtra Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Kepco SPC Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- Central Electricity Authority - India
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Bukit Makmur.PT - Indonesia
- Makarim & Taira - Indonesia
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- White Energy Company Limited
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- Indian Oil Corporation Limited
- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Dalmia Cement Bharat India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- Edison Trading Spa - Italy
- Australian Coal Association
- ASAPP Information Group - India
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Gujarat Sidhee Cement - India
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- Ambuja Cements Ltd - India
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- Star Paper Mills Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Coastal Gujarat Power Limited - India
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- South Luzon Thermal Energy Corporation
- PetroVietnam Power Coal Import and Supply Company
- The State Trading Corporation of India Ltd
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Economic Council, Georgia
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
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