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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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Wednesday, 19 June 13
NEWCASTLE SHIPPED 16.05 PERCENT LESS COAL W/E 17 JUNE 2013
COALspot.com - Newcastle port in Australia has loaded 2,606,071 tons of coal for the week ended 0700 hours 17 June 2013, Newcastle Port Corp. ...
Sunday, 16 June 13
WEAK DEMAND KEEPS COAL PRICES LOW
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average July 2013 delivery have lost 2.94 percent week on week but gained 0.06 percent ...
Saturday, 15 June 13
S7 AND S8 ROUTES ARE EXPECTED TO BE STEADY NEXT WEEK - VISTAAR
COALspot.com - This week freight movement was fairly firm with news of China is rebuilding iron ore stockpiles, and ease import rules. Cape and Pana ...
Saturday, 15 June 13
SHIPPING CONFIDENCE REACHES HIGHEST LEVEL FOR TWO AND A HALF YEARS - MOORE STEPHENS
Overall confidence levels in the shipping industry rose to their highest level for two and a half years in the three months ended May 2013, accordin ...
Friday, 14 June 13
U.S. COAL PRODUCTION TOTALED APPROXIMATELY 18.20 MILLION SHORT TONS W/E 8 JUNE 2013
COALspot.com – United states the world’s second largest coal producer produced totaled approximately 18.20 million short tons (mmst) of ...
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- Indonesian Coal Mining Association
- Iligan Light & Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- IEA Clean Coal Centre - UK
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- White Energy Company Limited
- Larsen & Toubro Limited - India
- Medco Energi Mining Internasional
- Attock Cement Pakistan Limited
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- Global Business Power Corporation, Philippines
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- Siam City Cement - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- Dalmia Cement Bharat India
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- McConnell Dowell - Australia
- Kalimantan Lumbung Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Electricity Generating Authority of Thailand
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Ministry of Mines - Canada
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- PTC India Limited - India
- Ministry of Transport, Egypt
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Karbindo Abesyapradhi - Indoneisa
- The University of Queensland
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Aditya Birla Group - India
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- New Zealand Coal & Carbon
- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
- PNOC Exploration Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Singapore Mercantile Exchange
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Gujarat Sidhee Cement - India
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- Anglo American - United Kingdom
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
- Mercuria Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Baramulti Group, Indonesia
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- Manunggal Multi Energi - Indonesia
- Minerals Council of Australia
- MS Steel International - UAE
- Savvy Resources Ltd - HongKong
- Commonwealth Bank - Australia
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Central Electricity Authority - India
- Eastern Energy - Thailand
- PowerSource Philippines DevCo
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
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