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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, 29 September 13
SUB-BIT INDONESIA COAL SWAP FELL ON MONTH AND WEEK
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q4 2013 delivery fell 3.93 percept month on month on Friday 27 September 2 ...
Friday, 27 September 13
TAIWAN'S FORMOSA TO IMPORT 140K MT OF BITUMINOUS COAL FOR Q4
COALspot.com : Taiwan's Formosa Plastics Group is inviting bids for 140,000 mt of bituminous coal for delivery in the Q4 for its China plant.
Ac ...
Friday, 27 September 13
US PRODUCED 19.30 MMST OF COAL IN SEVEN DAYS
COALspot.com – United States the world’s second largest coal producer produced approximately 19.30 million short tons (mmst) of coal in ...
Thursday, 26 September 13
PANAMAX MARKET CONTINUE WITH STRONG RATES IN BOTH BASINS - FEARNRESEARCH
Handy
Feast rates are still firm, some fresh stems entered the market. Vessels trading around $15k passing Singapore for coal to India, and a bit l ...
Thursday, 26 September 13
INTERCARGO PUBLISHES BENCHMARKING BULK CARRIERS 2012-13 REPORT
The International Association of Dry Cargo Shipowners (Intercargo) has today launched Benchmarking Bulk Carriers 2012-13, the latest edition of our ...
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- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- Antam Resourcindo - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- Sojitz Corporation - Japan
- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- Chettinad Cement Corporation Ltd - India
- SMG Consultants - Indonesia
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- Coastal Gujarat Power Limited - India
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Wilmar Investment Holdings
- Posco Energy - South Korea
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- Parliament of New Zealand
- ICICI Bank Limited - India
- Global Coal Blending Company Limited - Australia
- Ministry of Mines - Canada
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Altura Mining Limited, Indonesia
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Authority, New Zealand
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- Holcim Trading Pte Ltd - Singapore
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- Planning Commission, India
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- Attock Cement Pakistan Limited
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Singapore Mercantile Exchange
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- Uttam Galva Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- Malabar Cements Ltd - India
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- Marubeni Corporation - India
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- Indonesian Coal Mining Association
- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- Lanco Infratech Ltd - India
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Manunggal Multi Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- Eastern Coal Council - USA
- Indika Energy - Indonesia
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