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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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Sunday, 07 July 13
COAL PRICES REMAIN UNDER PRESSURE
COALspot.com – Coal swaps for the year 2014 indicate that, the pressure on coal prices will continue at least until next year. Ave ...
Thursday, 04 July 13
CHALLENGER SIGNS FORMAL EXCLUSIVE MINING AND MARKETING AGREEMENT FOR ABBR PROJECT IN CENTRAL KALIMANTAN
COALspot.com - Challenger Deep Resources Corp., through its subsidiary PT Bestindo Energy has signed the formal exclusive Mining and Marketing agree ...
Thursday, 04 July 13
ASX LISTED QBL TO ACQUIRE INTERESTS IN MOZAMBIQUE COAL EXPLORATION LICENSES
- QBL to acquire interests in two Mozambique exploration licences prospective for coal
- Licenses located in the highly prospective Zambezi basin, ...
Thursday, 04 July 13
HANDY : INDO/CHINA, CHARTERERS RATING AROUND US$ 10,000 - FEARNLEYS AS
Handy
The Feast market firmed slightly up as mid-July cargos entered the market, but charterers seems not in hurry to cover them and looking for ch ...
Wednesday, 03 July 13
NEWCASTLE COAL EXPORTS DIP 24.79 PER CENT WOW
COALspot.com - Newcastle Coal exports fell 24.79% to 2.33 million tons WoW.
Newcastle port in Australia has loaded 2,332,513 tons of coal for the ...
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- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Electricity Generating Authority of Thailand
- MS Steel International - UAE
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- Meenaskhi Energy Private Limited - India
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Antam Resourcindo - Indonesia
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- Eastern Energy - Thailand
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Intertek Mineral Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- PTC India Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Mjunction Services Limited - India
- Renaissance Capital - South Africa
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Economic Council, Georgia
- Planning Commission, India
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Marubeni Corporation - India
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Ministry of Finance - Indonesia
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- Pendopo Energi Batubara - Indonesia
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- White Energy Company Limited
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- Larsen & Toubro Limited - India
- Kapuas Tunggal Persada - Indonesia
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- Videocon Industries ltd - India
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- ICICI Bank Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CNBM International Corporation - China
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- Sindya Power Generating Company Private Ltd
- Manunggal Multi Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
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