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Friday, 05 July 13
THE DRY BULK MARKET IS GOING FROM STRENGTH TO STRENGTH - INTERMODAL
 The Capesize sector has been one that has gone through a wild rollercoaster of emotions this past decade, ranging from the exuberance witnessed during the boom years of the shipping ''supercycle'' down to the dreadful doldrums during the first half of this year were fixtures were reported at levels well below OPEX.
It’s also been a sector often closely associated with the Asian Economic Powerhouse, namely China and its seemingly insatiable appetite for development linked raw materials (especially iron ore and coal) which are a gauge to its overall economic development as well as its future prospects.
All this has always held Capes as a bit of a buzzword amongst SnP brokers, while nowadays this has been more so as we have seen an impressive array of recent SnP transactions (mainly second hand but also a significant number of NBs) during the first six months of 2013.
Main interest has been for vessels built between 1997 and 2004 (9-16 years of age), partly due to their relatively lower values compared to what was seen two year back, but also due to the ''enhanced'' prospects brought about the occasional Chinese replenishing of stock-piles (of the most recent have been during the final quarter of 2012 and another which is currently underway).
The order book as it stands today is at levels less daunting than other sectors such as panamaxes, with around 37.45 mill dwt scheduled to be added to the current capacity of 274 mill dwt till 2016. That is equivalent to 14% of the current fleet compared to an order book-to-fleet ratio of 22% seen for Panamaxes.
In terms of numbers, there are a further 80 capes scheduled for delivery within the rest of 2013, 74 set or next year, another 29 or 2015 and beyond.
Norwegian shipping magnate Fredriksen was one of the first to signal the start of the most recent drive or new orders, while his most recently reported order for 2 X 205k dwt VLOC at Bohai shows a clear vote of confidence as to the prospects of the sector. Some claim that the recent rally in the freight market which caused rates to surge from the depths of US$ 6,000/day that they had been seeing on average this year to climb to the staggering level of US$ 14,866/day which is only a breath away from the psychological barrier of US$ 15,000/day.
It is important to point out that capes started 2012 at approximately US$ 16-18k per day, thereafter plunged down to between US$ 6-4 k per day till Sept/Oct where they staged a recovery and peaked once again at US$ 18,388/day by end Oct where after they nosedived back down to an average of US$ 6k per day with small variations till May 2013 when the most recent rally in freight rates began.
In conclusion and having as a backdrop all the above mentioned regarding more balanced growth and temporarily improvement in the freight market, we have had the following capes changing hand the last month;
the “Mineral Sines” (172kdwt blt 2002 Daewoo) rgn US$ 19.80 mill to a joint venture between Italians and major commodity traders/charterers,
the “Atlantic Princess” (180k dwt blt 2003 Imabari) rgn US$ 20.3 mill with SS/DD due to Greeks
the slightly older “Star Fortune” (170k dwt blt 1999 IHI) rgn US$ 15 mill to Chinese and down to the much older “Noni M” (183k dwt blt 1995 Kawasaki) rgn US$ 10.5 mill to HK Buyers.
Chartering
The Dry Bulk market is going from strength to strength, with the BDI now “flirting” with the 1,200 points level. The rally in the Capesize segment is still the main driver behind the positive sentiment that has boosted the market, providing a very strong rate reversal, one that most market players expected to take place a bit later in the year.
The Capesize market has had an excellent run throughout the month of June. With charterers getting back in action and at the same time disruptions taking place in Brazilian ports, ones which have only recently started easing a bit, rates for Capes have kept firming this past week, mainly boosted by activity in the 'Atlantic basin where the average rate has now surpassed the $ 15,000/day level, more than doubling since the beginning of the month of June.
Activity in the Atlantic still remains very supportive for Panamax rates, with shorter tonnage lists in N.Continent, boosting rates for another week, while ex-ECSA cargoes increasing further activity in the area. At the same time things in the Pacific remain a bit flattish but underlined by improved sentiment overall.
Rates for Supras and Handies have also firmed this week, with cargoes ex-ECSA boosting activity for both segments. The USG area keeps witnessing very good levels of fixtures for Supras, while the Pacific basin still provides most of the upside momentum for Handies.
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.
If you believe an article violates your rights or the rights of others, please contact us.
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Tuesday, 30 July 13
KOMIPO INVITES BIDS FOR 520,000 MT OF 5,700 KCAL/KG COAL ON NAR BASIS FOR H1, 2014
COALspot.com : Korea Midland Power Co., Ltd. has invited bids for 520,000 Metric Tons (MT) of coal with calorific value 5,700 kcal/kg on NAR basis f ...
Tuesday, 30 July 13
AUSTRALIA'S NEWCASTLE SHIPPED 12.58 PERCENT LESS COAL W-O-W
COALspot.com: Newcastle port in Australia has loaded 2,945,848 tons of coal for the week ended 0700 hours 29 July 2013, Newcastle Port Corp. s ...
Monday, 29 July 13
INDONESIA'S ENERGY NEEDS COULD SPELL GOOD NEWS FOR TANKER OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite abundant energy resources, Indonesia has still failed meet its own demand, which led to a rising import of crude. According to the latest we ...
Sunday, 28 July 13
SUB-BIT INDONESIA COAL SWAP UP SLIGHTLY FOR SEPTEMBER CARGOES
COALspot.com – Sub-Bit Indonesia coal swaps (FOB ) for average September 2013 delivery slightly up on day and week but fell on month on ...
Saturday, 27 July 13
CEPL INDIA TO BAG 0.3 MILLION TONS OF COAL SUPPLY ORDER FROM TNPL
COALspot.com - An India based coal trader Coastal Energy Private Limited has offered the lowest price of US$ 73.00 per metric ton for calorific valu ...
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- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- SMC Global Power, Philippines
- Simpson Spence & Young - Indonesia
- Oldendorff Carriers - Singapore
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- The Treasury - Australian Government
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Meralco Power Generation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- The University of Queensland
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- Petron Corporation, Philippines
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- Parliament of New Zealand
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Wilmar Investment Holdings
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- Central Electricity Authority - India
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Romanian Commodities Exchange
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- Grasim Industreis Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- Bharathi Cement Corporation - India
- Mercuria Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement - Thailand
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- MS Steel International - UAE
- Independent Power Producers Association of India
- New Zealand Coal & Carbon
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Minerals Council of Australia
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Trasteel International SA, Italy
- Chettinad Cement Corporation Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- White Energy Company Limited
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- Samtan Co., Ltd - South Korea
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- Power Finance Corporation Ltd., India
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- GMR Energy Limited - India
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- Lanco Infratech Ltd - India
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Sical Logistics Limited - India
- Riau Bara Harum - Indonesia
- The State Trading Corporation of India Ltd
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- Semirara Mining Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
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