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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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Thursday, 27 February 14
SHIPPING LOANS WORTH $5 BILLION HAVE CHANGED HANDS OVER THE PAST YEAR, AS FUNDS INVEST IN SHIPPING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Funds investing in shipping has been the "talk of the town" over the past couple of years, as institutional investors, private equity and ...
Thursday, 27 February 14
NEWCASTLE COAL EXPORTS SLIP 26.68 PERCENT WEEK ON WEEK
COALspot.com: In the week ended 24 February 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, total 2. ...
Tuesday, 25 February 14
GBCE, A COAL UPGRADING TECHNOLOGY DEVELOPER, APPOINTS RICHARD BULMAN AS PROJECT DIRECTOR
Press Release: GB Clean Energy Ltd. (GBCE) announced today the appointment of Richard Bulman as Project Director. In this capacity Mr. Bulman ...
Tuesday, 25 February 14
ULTRAMAXES ARE THE 'WEAPON OF CHOICE' FOR DRY BULK SHIP OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
It's been a busy start in 2014, as the first month of the year was a rather active in terms of second hand vessel purchases and newbuilding orderin ...
Tuesday, 25 February 14
SGX'S MONTHLY VOLUMES DRASTICALLY INCREASED AND REACHED A RECORD OF 810K TONNES YEAR-ON-YEAR
COALspot.com: SGX Thermal Coal derivatives started the new year with record volumes in January on the back of higher volatility, says SGX.
Accord ...
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- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- The University of Queensland
- London Commodity Brokers - England
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- PTC India Limited - India
- Eastern Energy - Thailand
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- Economic Council, Georgia
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- SMC Global Power, Philippines
- Georgia Ports Authority, United States
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- Australian Coal Association
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- ASAPP Information Group - India
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- ICICI Bank Limited - India
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- Thai Mozambique Logistica
- Posco Energy - South Korea
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- Sical Logistics Limited - India
- Metalloyd Limited - United Kingdom
- Semirara Mining Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Mjunction Services Limited - India
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- White Energy Company Limited
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Africa Commodities Group - South Africa
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kumho Petrochemical, South Korea
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- The State Trading Corporation of India Ltd
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Larsen & Toubro Limited - India
- Deloitte Consulting - India
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