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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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Thursday, 10 October 13
SEVERAL PANAMAX FIXTURES FOR 1 YEAR TC HAVE BEEN REPORTED AROUND $13.5K/DAY - FEARNRESEARCH
Handy
The market is not much fancy as several holidays in the Far East last week. Tonnage side seems tight in SE Asia but there are many of them in ...
Wednesday, 09 October 13
PANAMAX: FIRM ; FIXING ACTIVITY INCREASED IN BOTH BASINS - INTERMODAL
This was another week of gains for the Dry Bulk market, albeit very modest ones compared to the previous ones. Charterers and owners struggled for t ...
Tuesday, 08 October 13
CHINA: INTENSE COMPETITION AMONG DOMESTIC COAL MINERS AS 2013 IMPORT DEMAND REMAINS STRONG - WOOD MACKENZIE
Prices will not fall under RMB500/t or risk supply availability to the coastal market
Despite China's lower economic growth, Wood Mackenzie says ...
Monday, 07 October 13
RICHARD BAY COAL TERMINAL SHIPPED 49.94 MMT OF COAL YTD
COALspot.com - Richards Bay Coal Terminal (RBCT), the world's single largest coal terminal has shipped 49,946,509 mt of coals YTD, according to por ...
Monday, 07 October 13
SOUTH AFRICA'S RBCT SHIPPED 7.94% MORE COAL IN SEPT' 13
COALspot.com - Richards Bay Coal Terminal (RBCT), the single largest coal export terminal in South Africa as well as in the world has shipped 7.94 p ...
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- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- Siam City Cement - Thailand
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- VISA Power Limited - India
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
- ASAPP Information Group - India
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- Directorate Of Revenue Intelligence - India
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Cement Manufacturers Association - India
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- PetroVietnam Power Coal Import and Supply Company
- Electricity Authority, New Zealand
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- Australian Coal Association
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Thiess Contractors Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Tata Chemicals Ltd - India
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMG Consultants - Indonesia
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- Renaissance Capital - South Africa
- Rio Tinto Coal - Australia
- Miang Besar Coal Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- IEA Clean Coal Centre - UK
- Essar Steel Hazira Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- Sakthi Sugars Limited - India
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Savvy Resources Ltd - HongKong
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- Bangladesh Power Developement Board
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- Cigading International Bulk Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Lanco Infratech Ltd - India
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dalmia Cement Bharat India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- PNOC Exploration Corporation - Philippines
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