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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, 24 June 13
INDONESIA COAL SWAP FOR AUGUST 2013 DELIVERY GAINS WEEK ON WEEK
COALspot.com – Coal prices for immediate supply contracts have started moving up, but prices for next year supply shows a negative trend ...
Sunday, 23 June 13
BDI CROSSED ITS PSYCHOLOGICAL BARRIER THIS WEEK - VISTAAR
COALspot.com : The BDI crossed the psychological barrier of 1000 points after many months and closed at 1,027 points, which were up by 14.11 pct wee ...
Sunday, 23 June 13
SHIP PRICES NOT FOLLOWING FREIGHT MARKET FUNDAMENTALS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Although it's been the case in many occasions in the past, it appears that ship prices haven't been quite following freight market fundamentals, i ...
Friday, 21 June 13
U.S. COAL PRODUCTION INCREASED WEEK ON WEEK, EIA SAYS
COALspot.com – United states the world’s second largest coal producer produced totalled approximately 19.70 million short tons (mmst) of ...
Thursday, 20 June 13
CAPESIZE : FINALLY A SUBSTANTIAL IMPROVEMENT IN RATES! - FEARNLEYS A.S
Handy
Atlantic market kept a steady curve from last week. US Gulf positions fetched tick above USD 21k for Cont/Skaw direction, and vessels fixed f ...
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- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Karaikal Port Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- Borneo Indobara - Indonesia
- Siam City Cement PLC, Thailand
- Intertek Mineral Services - Indonesia
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- Samtan Co., Ltd - South Korea
- Tamil Nadu electricity Board
- SMC Global Power, Philippines
- The University of Queensland
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- Australian Coal Association
- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
- Minerals Council of Australia
- Merrill Lynch Commodities Europe
- Central Electricity Authority - India
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Orica Mining Services - Indonesia
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- Deloitte Consulting - India
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- Cement Manufacturers Association - India
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- Parliament of New Zealand
- Indika Energy - Indonesia
- Australian Commodity Traders Exchange
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- Star Paper Mills Limited - India
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- Aditya Birla Group - India
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- Energy Link Ltd, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- Therma Luzon, Inc, Philippines
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- GVK Power & Infra Limited - India
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- Kumho Petrochemical, South Korea
- Thai Mozambique Logistica
- Kobexindo Tractors - Indoneisa
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Vedanta Resources Plc - India
- White Energy Company Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Metalloyd Limited - United Kingdom
- CIMB Investment Bank - Malaysia
- Orica Australia Pty. Ltd.
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- PTC India Limited - India
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- Billiton Holdings Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- Gujarat Sidhee Cement - India
- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- Malabar Cements Ltd - India
- New Zealand Coal & Carbon
- TeaM Sual Corporation - Philippines
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