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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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Monday, 16 September 13
CFR SOUTH CHINA COAL SWAP: STABLE TO STEADY
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 ...
Monday, 16 September 13
INDONESIAN SUB-BIT COAL SWAP STRUGGLING TO FINDS THE RIGHT PATH
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q4 2013 delivery down 0.75 percept month on month on Friday 13 Septe ...
Sunday, 15 September 13
CAPE FREIGHT RATES RISE ON HIGH DEMAND AND TIGHT AVAILABILITY - CAPT. REDDY
COALspot.com : The BDI, Cape and Panamax indices are continued to rise and saw a steep surge with average index in these segments up around 25 pct w ...
Friday, 13 September 13
US COAL OUTPUT SLIPS 3.34% ON-WEEK
COALspot.com – United states the world’s second largest coal producer produced totaled approximately 20.20 million short tons (mmst) of ...
Friday, 13 September 13
DIRECTOR GENERAL OF MINERAL AND COAL OF INDONESIA REVISED UP COAL PRICE REFERENCE TO US$ 76.89
COALspot. com - The Indonesian government has revised up its owned coal bench mark price by US$ 0.19/ MT to US$ 76.89 for September 2013 deliveries ...
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- Sakthi Sugars Limited - India
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- Larsen & Toubro Limited - India
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- The University of Queensland
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Wood Mackenzie - Singapore
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- Carbofer General Trading SA - India
- MS Steel International - UAE
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- Global Business Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Goldman Sachs - Singapore
- Siam City Cement - Thailand
- Altura Mining Limited, Indonesia
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- VISA Power Limited - India
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- White Energy Company Limited
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- Coal and Oil Company - UAE
- Heidelberg Cement - Germany
- Riau Bara Harum - Indonesia
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
- Eastern Energy - Thailand
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- Tata Chemicals Ltd - India
- Bukit Makmur.PT - Indonesia
- IEA Clean Coal Centre - UK
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Kepco SPC Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- Posco Energy - South Korea
- Merrill Lynch Commodities Europe
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- Oldendorff Carriers - Singapore
- Cement Manufacturers Association - India
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- Romanian Commodities Exchange
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