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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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Monday, 22 July 13
INDO COAL SWAP FOR AUGUST 13 DELIVERY GAINED ON WEEK BUT LOST ON DAY AND MONTH
COALspot.com – Sub-Bit Indonesia coal swaps (FOB ) for average August 2013 delivery slightly up on week but fell on day and month on Fri ...
Friday, 19 July 13
U.S.COAL PRODUCTION TOTALED APPROXIMATELY 19.60 MMST WEEK ENDED JULY 13
COALspot.com – United states the world’s second largest coal producer produced totaled approximately 19.60 million short tons (mmst) of ...
Friday, 19 July 13
TNPL IS LOOKING FOR 300 K MT OF 6000 GAD COAL FOR FIVE MONTH
COALspot.com - Tamil Nadu Newsprint & Papers Ltd. , an Indian paper maker, is seeking 300,000 metric tons ± 5% (In 5 shipments about 60,0 ...
Thursday, 18 July 13
3RD ANNUAL FLOATING TERMINALS, INDONESIA
Commercial applications for offshore transshipment facilities
Floating Terminal solutions are increasingly being deployed by miners, independent ...
Thursday, 18 July 13
THE CAPE MARKET APPEARS TO BE HOLDING FIRM - FEARNLEYS AS
Handy
In the Pacific, market maintained similar levels during the week. There is several Indo coal orders in the market, ships passing Singapore fi ...
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Showing 4201 to 4205 news of total 6871 |
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- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- Australian Commodity Traders Exchange
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Ministry of Transport, Egypt
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mintek Dendrill Indonesia
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- Renaissance Capital - South Africa
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Essar Steel Hazira Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Price Waterhouse Coopers - Russia
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Energy Development Corp, Philippines
- Eastern Energy - Thailand
- Pendopo Energi Batubara - Indonesia
- Kumho Petrochemical, South Korea
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
- Trasteel International SA, Italy
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- The University of Queensland
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- Altura Mining Limited, Indonesia
- Samtan Co., Ltd - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Edison Trading Spa - Italy
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- Kaltim Prima Coal - Indonesia
- SMG Consultants - Indonesia
- MS Steel International - UAE
- Cement Manufacturers Association - India
- Africa Commodities Group - South Africa
- VISA Power Limited - India
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- Timah Investasi Mineral - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Parliament of New Zealand
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- Thiess Contractors Indonesia
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
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