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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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Thursday, 12 September 13
PANAMAX : PACIFIC ROUNDS ARE NOW REPORTED BETWEEN USD 13K AND 15K PER DAY - FEARNRESEARCH
Handy
Nickel ore is a key support SE Asia/Feast rate at the moment; vessel in N.China were fixed around USD 11-12k, ships in mid China can expect a ...
Thursday, 12 September 13
CAPESIZE MARKET WILL BECOME EVEN TIGHTER - JEFFREY LANDSBERG
COALspot.com : While it is no secret that current capesize availability has become tight and has caused capesize rates to surge, availability is set ...
Thursday, 12 September 13
OVER THE WORST? WE MIGHT FIND OUT THIS WEEK - BIMCO
The shipping market has a spring in its step, even as summer draws to a close. There is it seems, confidence that finally, we are emerging into the ...
Thursday, 12 September 13
DRY BULK MARKET RALLY COMES AT A GOOD TIME FOR MOST SHIP OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The latest surge of the dry bulk market has helped offset other lingering factors, which otherwise, could have plunged freight rates to new lows. Fo ...
Wednesday, 11 September 13
ASIA - PACIFIC THERMAL COAL MARKET TO REMAIN OVERSUPPLIED IN NEXT 12 MONTHS - FITCH RATINGS
COALspot.com: Fitch Ratings says the Asia-Pacific thermal coal market will remain oversupplied in the next 12 months because strong production has b ...
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- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- McConnell Dowell - Australia
- GMR Energy Limited - India
- Trasteel International SA, Italy
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indian Oil Corporation Limited
- Bangladesh Power Developement Board
- Electricity Authority, New Zealand
- Cement Manufacturers Association - India
- Marubeni Corporation - India
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Global Coal Blending Company Limited - Australia
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercuria Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Sakthi Sugars Limited - India
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- Orica Australia Pty. Ltd.
- Merrill Lynch Commodities Europe
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- VISA Power Limited - India
- Wilmar Investment Holdings
- Electricity Generating Authority of Thailand
- Timah Investasi Mineral - Indoneisa
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Edison Trading Spa - Italy
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- Leighton Contractors Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- Ministry of Mines - Canada
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Anglo American - United Kingdom
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- MS Steel International - UAE
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- The University of Queensland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- Indian Energy Exchange, India
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- Binh Thuan Hamico - Vietnam
- The State Trading Corporation of India Ltd
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Vizag Seaport Private Limited - India
- Vedanta Resources Plc - India
- Miang Besar Coal Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Deloitte Consulting - India
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- Kaltim Prima Coal - Indonesia
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Posco Energy - South Korea
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
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