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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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Friday, 20 September 13
US COAL PRODUCTION SLIGHTLY UP WEEK ON WEEK
COALspot.com – United States the world’s second largest coal producer produced totalled approximately 20.30 million short tons (mmst) of ...
Friday, 20 September 13
COLOMBIA SHIPPED 31.14 MILLION TONS OF THERMAL COAL IN H1
COALspot.com : Colombia’s coal exports fell by 20.59 percent in June 2013 compared to Colombia’s May's export of 7,633,579 MT.
Colom ...
Thursday, 19 September 13
CAPESIZE : AVERAGE DAILY EARNINGS HAVE GAINED ALMOST USD 6K WOW - FEARNLEYS
Handy
The rates in Feast are still firm this week even the activity calmed down a bit as chrtrs are not in a rush to cover even their end Sept carg ...
Wednesday, 18 September 13
IRON ORE AND ZINC ARE BEST PERFORMING MINING SECTORS IN CURRENT LOW PRICE, HIGH COST ENVIRONMENT - WOOD MACKENZIE
With the fall in commodity prices, cash margins in the mining industry have come under pressure. Accordingly, producers and investors are placing in ...
Wednesday, 18 September 13
DRY BULK MARKET CONTINUED TO ADVANCE - INTERMODAL
Chartering (Wet: Stable- / Dry: Firm+ )
The Dry Bulk market continued to advance at a very fast pace, with the BDI closing off the week north ...
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- The University of Queensland
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- Wood Mackenzie - Singapore
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- Kartika Selabumi Mining - Indonesia
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- CNBM International Corporation - China
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- GVK Power & Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Ambuja Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- Thai Mozambique Logistica
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Mercator Lines Limited - India
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
- Altura Mining Limited, Indonesia
- Sical Logistics Limited - India
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- TNB Fuel Sdn Bhd - Malaysia
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- Thiess Contractors Indonesia
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- Eastern Energy - Thailand
- Toyota Tsusho Corporation, Japan
- Larsen & Toubro Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
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