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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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Wednesday, 02 October 13
HOW LONG WILL THIS LATEST CAPESIZE RALLY LAST? - TASOS PAPADOPOULOS
By Tasos Papadopoulos, SnP Broker, Intermodal
The surge in iron ore trade has translated into a massive boost in daily earnings for capes; with t ...
Tuesday, 01 October 13
DRY BULK MARKET POISED FOR RETREAT ON CHINA HOLIDAY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The start of a national weeklong in China as of Tuesday is expected to put a lid in the latest rally of the dry bulk freight market, as has always b ...
Monday, 30 September 13
NEWCASTLE'S COAL EXPORT VOLUME CONTINUES TO SLIP
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port fell 8.38 per cent week on week to 2.67 million mt fo ...
Monday, 30 September 13
PANAMAX CHARTER RATES TOUCHING US$ 18K FOR A TRIP TO NOPAC - CAPT. REDDY
COALspot.com : The freight market continued to remain firm, BDI and the Panamax index up week ended 27 September 2013.
The cape index was fell to ...
Sunday, 29 September 13
API 8 CFR SOUTH CHINA COAL Q3 2014 DELIVERY SWAP GAINED $1.19 M-O-M
COALspot.com : SGX has launched API 8 CFR South China Coal Swap on 29 April 2013 and SGX replaced the previous swap.
API 8 CFR South China Coal s ...
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- The State Trading Corporation of India Ltd
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
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- Trasteel International SA, Italy
- Central Electricity Authority - India
- The Treasury - Australian Government
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- Antam Resourcindo - Indonesia
- PTC India Limited - India
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- Electricity Generating Authority of Thailand
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- Eastern Coal Council - USA
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- White Energy Company Limited
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
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- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
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- Simpson Spence & Young - Indonesia
- Energy Development Corp, Philippines
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- Krishnapatnam Port Company Ltd. - India
- Manunggal Multi Energi - Indonesia
- Altura Mining Limited, Indonesia
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- Planning Commission, India
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- India Bulls Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- The University of Queensland
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- Sakthi Sugars Limited - India
- GMR Energy Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- Essar Steel Hazira Ltd - India
- Indogreen Group - Indonesia
- Aditya Birla Group - India
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Videocon Industries ltd - India
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Parry Sugars Refinery, India
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- Meenaskhi Energy Private Limited - India
- ASAPP Information Group - India
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Economic Council, Georgia
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Star Paper Mills Limited - India
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- Jindal Steel & Power Ltd - India
- Mercator Lines Limited - India
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- Kideco Jaya Agung - Indonesia
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- Electricity Authority, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- Thai Mozambique Logistica
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- Karaikal Port Pvt Ltd - India
- Siam City Cement - Thailand
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
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