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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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- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Xindia Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Latin American Coal - Colombia
- Global Green Power PLC Corporation, Philippines
- Singapore Mercantile Exchange
- Straits Asia Resources Limited - Singapore
- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Madhucon Powers Ltd - India
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Lanco Infratech Ltd - India
- Global Business Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- The University of Queensland
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Parliament of New Zealand
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Directorate Of Revenue Intelligence - India
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- Jindal Steel & Power Ltd - India
- Orica Australia Pty. Ltd.
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- GAC Shipping (India) Pvt Ltd
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- Manunggal Multi Energi - Indonesia
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Minerals Council of Australia
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- SMG Consultants - Indonesia
- Ministry of Mines - Canada
- Parry Sugars Refinery, India
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- Sical Logistics Limited - India
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Economic Council, Georgia
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
- Orica Mining Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- Electricity Generating Authority of Thailand
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- Planning Commission, India
- McConnell Dowell - Australia
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- GMR Energy Limited - India
- Trasteel International SA, Italy
- PTC India Limited - India
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- Borneo Indobara - Indonesia
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
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