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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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Sunday, 13 October 13
API 8 CFR SOUTH CHINA COAL - AVERAGE Q4 2013 DELIVERY FELL 0.30 PERCEPT ON WEEK
COALspot.com : API 8 CFR South China Coal swaps for average Q4 2013 delivery fell 0.30 percept week on week on Friday 11 October 2013. The CFR South ...
Saturday, 12 October 13
PANAMAX: OWNERS ARE AT US$ 17-18.5K PER DAY; CHARTERERS ARE AT US$ 15.5-16K - CAPT. REDDY
COALspot.com - The futures market was heavily down on the cape size vessels and the physical average charterer rates on cape size vessels dropped by ...
Friday, 11 October 13
DRY BULK FREIGHT RATE POSITIVE MOMENTUM TO BE SUPPORTED BY HIGHER DEMAND SAYS BIMCO - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
BIMCO released its latest short term research on the shipping markets, estimating that the elevated level of Capesize TC average rates i ...
Friday, 11 October 13
US COAL PRODUCTION FALLS 7.70% IN SEPTEMBER
COALspot.com – United States the world’s second largest coal producer produced approximately 17.70 million short tons (mmst) of coal in ...
Thursday, 10 October 13
NPC AUSTRALIA SHIPPED 2.99 MILLION TONS OF COAL W-O-W
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port up 12.04 per cent week on week to 2.99 million mt for ...
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- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- Eastern Energy - Thailand
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- Samtan Co., Ltd - South Korea
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- Heidelberg Cement - Germany
- PTC India Limited - India
- Barasentosa Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Borneo Indobara - Indonesia
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Mintek Dendrill Indonesia
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indonesian Coal Mining Association
- Parliament of New Zealand
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- The University of Queensland
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- London Commodity Brokers - England
- Central Electricity Authority - India
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- LBH Netherlands Bv - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- Kalimantan Lumbung Energi - Indonesia
- Cement Manufacturers Association - India
- Deloitte Consulting - India
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- Ceylon Electricity Board - Sri Lanka
- Miang Besar Coal Terminal - Indonesia
- Ambuja Cements Ltd - India
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Attock Cement Pakistan Limited
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- Iligan Light & Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- Central Java Power - Indonesia
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- Karaikal Port Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- Kideco Jaya Agung - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- The State Trading Corporation of India Ltd
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Indian Energy Exchange, India
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