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Wednesday, 26 February 14
SMALLER SIZE SEGMENTS HOLDING ON TO THEIR LEVELS; CAPES CORRECTING UPWARDS - INTERMODAL
Chartering (Wet: Stable- / Dry: Stable+)
The Dry Bulk market continued to improve this past week, on the back of rates for the smaller size segments holding on to their levels and those for Capes correcting upwards, while the spill-overs of the improved sentiment have yet to affect the Panamax market. The BDI closed today (25/02/2014) at 1,197 points, up by 23 points compared to yesterday’s levels (24/02/2014) and an increase of 51 points compared to previous Tuesday’s closing (18/02/2014). Rates for VLs stalled a bit as charterers took their time with the March schedule, while the rest of the crude carriers market enjoyed improvements positionally. The BDTI Monday (24/02/2014), was at 753 points, a decrease of 49 points and the BCTI at 606, an increase of 10 points compared to the previous Monday (17/02/2014).
Sale & Purchase (Wet: Stable+ / Dry: Stable+)
SnP activity has slowed down slightly this week, but at the same time second-hand prices remain on the rise while there is still plenty of buying interest to be found in the market. On the tankers side, we had the sale of the NICHIHIKO” (281,705dwt-blt 99, Japan), which was reported sold to Chinese buyer for a price of US$ 25.2m. On the dry bulker side, we had the sale of the “TRITON STORK” (56,024dwt-blt 04, Japan), which was also picked for a price of xs US$ 21.0m.
New building (Wet: Stable+ / Dry: Stable+)
Following a couple of weeks of stalling, newbuilding prices are on the rise again. With the average prices for all segments in the dry bulker and tanker sectors standing well above the average of both 2013 and 2012, it is interesting to make a couple of comparisons to the last time prices had reached these levels. Looking at Capes, the last time a new building was quoted at $ 56.0m was in January of 2011 when the average freight rate for the segment stood at around $ 10,000/day, almost identical to where it stands today. The last time a VL new building required $ 98.5m was around the end of 2011 when the average rate was in the $ 35,000/day region, which also coincides to today's levels. In hindsight, prices back then proved overinflated to the performance of the market but hopefully fundamentals are stronger this time around as the direction of the market has been upwards and not downwards as it was back in 2011 and two years down the line we won’t be looking back in 2014 as another time of over-excitement. In terms of new orders, Awilco AS has placed an order for two VLCCs (320,000dwt) at Daewoo, in S. Korea, for a price of $ 97.0m each and delivery set in 2016.
Demolition (Wet: Stable- / Dry: Stable-)
The demolition market is still reigned by Indian breakers, who currently appear to have ousted the rest of the competition from the race of securing demo candidates. As a matter of fact, with the exception of a couple of vessels, the rest of the deals reported this past week appear to have ended up in Indian hands. Breakers in the country have been enjoying the stability of the local currency, which posted its biggest winning streak against the US Dollar in the past couple of months after strengthening for three days in a row to this morning. At the time domestic steel mills have been preparing for another price hike, fact which offers further assertion to breakers operating in the country that their bids have been moving towards the right direction. While Bangladesh has managed to keep its prices stable, China and Pakistan appear to have no intention to compete at these high levels, with the former allowing for the gap between themselves and India to climb to over 120 $/ldt. Average prices this week for wet tonnage were at around 340-470$/ldt and dry units received about 330-460$/ldt.
Compiled by:
Intermodal Research & Valuations | research@intermodal.gr
Analysts:
Mr. George Lazaridis | g.lazaridis@intermodal.gr
Ms. Eva Tzima | e.tzima@intermodal.gr
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Monday, 10 March 14
THE FREIGHT MARKET WAS QUITE FIRM THIS PAST WEEK
COALspot.com: The freight market was quite firm this past week with BDI sharply increased by 22.65 pct week on week and closed at 1543 points, while ...
Saturday, 08 March 14
LETTERS OF INDEMNITY - SKULD
KNOWLEDGE TO ELEVATE
In today's trading market, owners are frequently requested to accept a letter of indemnity (LOI) in exchange for complying ...
Friday, 07 March 14
DRY BULK MARKET TO BENEFIT FROM CHINA'S GDP GROWTH TARGET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
With the dry bulk market freight rates finally making waves, China's aim of 7.5% GDP growth for 2014 mean once again positive news for the shipping ...
Friday, 07 March 14
RBCT, WORLD'S LARGEST COAL EXPORTING TERMINAL SHIPPED 1.78% LESS COAL MONTH ON MONTH
COALspot.com: South Africa's Richards Bay Coal Terminal (RBCT) the single largest export coal terminal in the world, shipped 4.487 million tons of ...
Friday, 07 March 14
INDONESIA SHIPPED 7% LESS COAL IN JANUARY 2014 COMPARED TO ITS DECEMBER EXPORTS
COALspot.com: Indonesia, the world 4th largest coal producer and the Global largest multi grade coal exporter shipped around $1.8* billion ...
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- VISA Power Limited - India
- Sarangani Energy Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Indika Energy - Indonesia
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Singapore Mercantile Exchange
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Uttam Galva Steels Limited - India
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Sojitz Corporation - Japan
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Borneo Indobara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- Independent Power Producers Association of India
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- Kaltim Prima Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- Videocon Industries ltd - India
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Chettinad Cement Corporation Ltd - India
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- Ambuja Cements Ltd - India
- Indonesian Coal Mining Association
- Kalimantan Lumbung Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Standard Chartered Bank - UAE
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- Simpson Spence & Young - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Bharathi Cement Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- SN Aboitiz Power Inc, Philippines
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- Australian Coal Association
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petron Corporation, Philippines
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- The University of Queensland
- Mercuria Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- PowerSource Philippines DevCo
- Bukit Makmur.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Minerals Council of Australia
- Globalindo Alam Lestari - Indonesia
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