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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, 06 September 13
DRY BULK MARKET REACHES NEW YEAR-HIGHS ON THE BACK OF INCREASED CAPESIZE DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has been on the rise once again, but this time around any new increase of freight rates translates into new year-highs, thus bri ...
Friday, 06 September 13
US PRODUCED APPROXIMATELY 90.80 MMST OF COAL IN AUGUST
COALspot.com – United states the world’s second largest coal producer produced totaled approximately 20.90 million short tons (mmst) of ...
Thursday, 05 September 13
INDONESIAN COAL EXPORTS UP BY 6.72 PERCENT IN JULY
COALspot.com: Indonesia, the world's largest multi grade coal exporter shipped 35.268* million tons of coal in July 2013. Indonesian coal exp ...
Thursday, 05 September 13
HANDY: NICKEL ORE WAS PUSHING THE FAR EAST MARKET - FEARNLEYS
Handy
Nickel Ore was pushing the Feast market, several ships were fixed from low teens to $14k. Indo/India was still supported by bauxite, while th ...
Thursday, 05 September 13
DRY BULK MARKET ON A HIGH ROLL, MAINLY THANKS TO CAPESIZE APPETITE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Capesize owners have been rejoycing on the back of renewed optimism for the further rise in the dry bulk market's freight rates, especially when on ...
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- Lanco Infratech Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- The Treasury - Australian Government
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- Coal and Oil Company - UAE
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- Star Paper Mills Limited - India
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Indian Energy Exchange, India
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
- Uttam Galva Steels Limited - India
- Indika Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- Malabar Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- VISA Power Limited - India
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- Bayan Resources Tbk. - Indonesia
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- Kideco Jaya Agung - Indonesia
- Australian Commodity Traders Exchange
- Cigading International Bulk Terminal - Indonesia
- Bangladesh Power Developement Board
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Agrawal Coal Company - India
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- CNBM International Corporation - China
- Price Waterhouse Coopers - Russia
- Toyota Tsusho Corporation, Japan
- PTC India Limited - India
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- MS Steel International - UAE
- Trasteel International SA, Italy
- Indonesian Coal Mining Association
- Vedanta Resources Plc - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- Kaltim Prima Coal - Indonesia
- Dalmia Cement Bharat India
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Coalindo Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- SMC Global Power, Philippines
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- Jindal Steel & Power Ltd - India
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Savvy Resources Ltd - HongKong
- Ministry of Finance - Indonesia
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- Deloitte Consulting - India
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- Planning Commission, India
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Globalindo Alam Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Global Business Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
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