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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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Tuesday, 10 September 13
COAL EXPORTS AT AUSTRALIA'S NEWCASTLE PORT SLIP 30.31% ON WEEK TO 2.36 MMT
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port down 30.31 per cent week on week to 2.36 million mt f ...
Tuesday, 10 September 13
WORLDWIDE COAL CONSUMPTION RISES SHARPLY - RA DR. ERICH SCHMITZ
By: RA Dr. Erich Schmitz, Verein der Kohlenimporteure (Germany Coal Importers Association)
World hard coal market in the first half of 2013: worl ...
Monday, 09 September 13
REBOUND IN NEWBUILDING ORDERS HASN'T HURT DRY BULK MARKET PROSPECTS, BUT SHIP OWNERS SHOULD STILL BE CAUTIOUS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Since the start of 2013 and up until the end of August, one thing has really caught the headlines in the dry bulk market, except of course, the frei ...
Sunday, 08 September 13
Q3 2014 THERMAL COAL SWAPS : STEADY DIRECTION
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q4 2013 delivery up 1.88 percent month on month. The swap was moved ...
Sunday, 08 September 13
BALTIC INDEX UP ON HIGHER CAPESIZE, PANAMAX RATES
COALspot.com : The freight market continued saw one of the biggest rally last week with Cape Size taking the lead followed by Panamax.
The BDI wa ...
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- Interocean Group of Companies - India
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- Independent Power Producers Association of India
- Sakthi Sugars Limited - India
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Globalindo Alam Lestari - Indonesia
- Mintek Dendrill Indonesia
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Semirara Mining Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- Wilmar Investment Holdings
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- Indo Tambangraya Megah - Indonesia
- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Coalindo Energy - Indonesia
- Planning Commission, India
- Indonesian Coal Mining Association
- Mercator Lines Limited - India
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- SMC Global Power, Philippines
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- Georgia Ports Authority, United States
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Star Paper Mills Limited - India
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- Australian Commodity Traders Exchange
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indian Energy Exchange, India
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- GVK Power & Infra Limited - India
- Bangladesh Power Developement Board
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
- Sical Logistics Limited - India
- Central Electricity Authority - India
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Australian Coal Association
- PowerSource Philippines DevCo
- Coal and Oil Company - UAE
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- Banpu Public Company Limited - Thailand
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Agrawal Coal Company - India
- IEA Clean Coal Centre - UK
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- The University of Queensland
- Renaissance Capital - South Africa
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
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