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