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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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Wednesday, 04 September 13
RBCT SHIPPED 16.18 PERCENT MORE COAL IN JULY
COALspot.com - Richards Bay Coal Terminal (RBCT) is the single largest coal export terminal South African as well as in the world has shipped 6,162, ...
Wednesday, 04 September 13
SUPRAS AND HANDIES : INDONESIAN COAL CARGOES ARE SUPPORTING HEALTHY ACTIVITY LEVELS - INTERMODAL
The Dry Bulk market has pooled back a bit this week after firming for two weeks in a row. The BDI is s holding above 1,100 points and despite the sm ...
Tuesday, 03 September 13
AUSTRALIA'S NEWCASTLE PORT SHIPPED 22.93 PER CENT MORE COAL W-O-W
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port up 22.93 per cent week on week to 3.39 million mt for ...
Sunday, 01 September 13
COAL SWAP SHOWS MIXED TREND
COALspot.com – Sub-Bit Indonesia coal swaps (FOB ) for average Q4 2013 delivery 1.25 percent up month on month. The swap was moved posit ...
Sunday, 01 September 13
INDONESIA TO INDIA SPOT FREIGHT STAYS FIRM THIS WEEK - VISTAAR
COALspot.com: The freight market continued to be firm with even though the BDI and Cape index dropped by about 3 pct week on week.
The BDI was do ...
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- Maheswari Brothers Coal Limited - India
- Planning Commission, India
- GVK Power & Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- Grasim Industreis Ltd - India
- Makarim & Taira - Indonesia
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- Holcim Trading Pte Ltd - Singapore
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- The Treasury - Australian Government
- GMR Energy Limited - India
- Central Java Power - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- Singapore Mercantile Exchange
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Karaikal Port Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ministry of Mines - Canada
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Kobexindo Tractors - Indoneisa
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- Globalindo Alam Lestari - Indonesia
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- Aditya Birla Group - India
- Coalindo Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Mintek Dendrill Indonesia
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- Renaissance Capital - South Africa
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- The State Trading Corporation of India Ltd
- Lanco Infratech Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- Indika Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- Parliament of New Zealand
- White Energy Company Limited
- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- Indian Energy Exchange, India
- India Bulls Power Limited - India
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Economic Council, Georgia
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- Siam City Cement PLC, Thailand
- SMG Consultants - Indonesia
- Barasentosa Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Medco Energi Mining Internasional
- Australian Coal Association
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- Formosa Plastics Group - Taiwan
- IEA Clean Coal Centre - UK
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Iligan Light & Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
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