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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, 26 August 13
CARRIAGE OF COAL CARGOES FROM KALIMANTAN, INDONESIA - WEST OF ENGLAND P&I CLUB
The Club has recently been advised by consulting scientists and engineers Dr J H Burgoyne and Partners (International) Limited that the number of in ...
Sunday, 25 August 13
API 8 CFR SOUTH CHINA COAL: HEADING TO NORTH
COALspot.com – Sub-Bit Indonesia coal swaps (FOB ) for average Q4 2013 delivery US$ 2.39 up month on month. The swap was moved positive ...
Sunday, 25 August 13
THE FREIGHT MARKET S7 & S8 SECTOR IS EXPECTED TO BE STEADY/FIRM NEXT WEEK - VISTAAR
COALspot.com - The freight market continued to be firm with all indices moved positive except for Panamax which was slightly down (2 pct down).
T ...
Friday, 23 August 13
US PRODUCED MORE COAL WEEK ON WEEK - EIA
COALspot.com – United states the world’s second largest coal producer produced totaled approximately 20.80 million short tons (mmst) of ...
Thursday, 22 August 13
PANAMAX : PERIOD MARKET IS STILL BEING LED BY STRONGER SENTIMENT IN THE FFA'S - FEARNRESEARCH
Handy
This week started slowly as expected. Indo biz now rate APS around 7k +60k to china and around 8k+80k to India. However, there are some ships ...
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- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- IEA Clean Coal Centre - UK
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Parry Sugars Refinery, India
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- Jaiprakash Power Ventures ltd
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Cement Manufacturers Association - India
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Planning Commission, India
- VISA Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- Kideco Jaya Agung - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sree Jayajothi Cements Limited - India
- Jindal Steel & Power Ltd - India
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Price Waterhouse Coopers - Russia
- Thai Mozambique Logistica
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- Economic Council, Georgia
- Posco Energy - South Korea
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- Australian Coal Association
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- Parliament of New Zealand
- White Energy Company Limited
- Romanian Commodities Exchange
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement - Thailand
- Bulk Trading Sa - Switzerland
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Petron Corporation, Philippines
- Tata Chemicals Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- PTC India Limited - India
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- London Commodity Brokers - England
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
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