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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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Thursday, 18 July 13
DRY BULK MARKETS RETAINS RECENT GAINS, MOVES SIDEWAYS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has kept on moving sideways this week, as evidenced by the latest trends of the industry's benchmark, the Baltic Dry Index (BDI ...
Wednesday, 17 July 13
NEWCASTLE COAL EXPORTS FELL 3.85% ON WEEK
COALspot.com: Newcastle port in Australia has loaded 2,860,149 tons of coal for the week ended 0700 hours 15 July 2013, Newcastle Port Corp. s ...
Wednesday, 17 July 13
TORN BETWEEN A CREDIT CRUNCH AND SUSTAINABLE GROWTH - GEORGE DERMATIS
COALspot.com: In 2012 China expanded at a rate of 7.8%, its worst annual performance in 13 years, raising criticism over the newly appointed governm ...
Tuesday, 16 July 13
TAKE - OR - PAY CONTRACTS CONTINUE TO INCENTIVISE AUSTRALIAN COAL PRODUCERS DESPITE POTENTIAL NEGATIVE CASH MARGINS - WOOD MACKENZIE
Australia's coal production has continued to grow, despite lower coal prices in 2013. Global investors and suppliers are therefore questioning whet ...
Monday, 15 July 13
INDONESIAN GOVERNMENT HAS REVISED DOWN ITS JULY BENCH-MARK COAL PRICE TO US$ 81.69 PER MT
COALspot. com - Indonesian Coal Price Reference dropped 3.75 % and hitting a 2013 low. The Indonesian government has revised down its owned coal ben ...
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Showing 4206 to 4210 news of total 6871 |
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- Australian Coal Association
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Business Power Corporation, Philippines
- Eastern Coal Council - USA
- London Commodity Brokers - England
- GMR Energy Limited - India
- GVK Power & Infra Limited - India
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- SMC Global Power, Philippines
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Savvy Resources Ltd - HongKong
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- Rashtriya Ispat Nigam Limited - India
- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Tata Chemicals Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Alfred C Toepfer International GmbH - Germany
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- Oldendorff Carriers - Singapore
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Therma Luzon, Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
- Indogreen Group - Indonesia
- Cement Manufacturers Association - India
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- Attock Cement Pakistan Limited
- Semirara Mining Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- Mjunction Services Limited - India
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- Sakthi Sugars Limited - India
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- Timah Investasi Mineral - Indoneisa
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- Heidelberg Cement - Germany
- Coalindo Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Electricity Authority, New Zealand
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
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