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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, 13 June 13
HANDY: SHORT PERIOD WERE FIXED AT AROUND USD 9000 LEVEL
Handy
Despite falling rates for bigger sizes, the Supras in Atlantic are seeing some improvements with fresh biz. US Gulf positions fetching tick a ...
Thursday, 13 June 13
BIMCO EXPECTS SUBDUED CAPESIZE EARNINGS FOR THE COMING WEEKS - HELLENIC SHIPPING NEWS
Bulk is not only about China even though it is a key driver. In this section, we have taken a closer look at the European seaborne coal markets, whi ...
Thursday, 13 June 13
RIO TINTO AGREES SALE OF EAGLE PROJECT FOR AN ESTIMATED US$325 MILLION IN CASH
COALspot.com - Rio Tinto has reached a binding agreement to sell its Eagle project to Lundin Mining Corporation for an estimated US$325 million in c ...
Thursday, 13 June 13
HARD COAL IMPORTS RISE SHARPLY IN GERMANY IN Q1 2013 - COAL IMPORTERS ASSOCIATION
Coal-fired Power Plants in Germany: Pillars of the Grid and the Energy Turnaround; Hard Coal Consumption and Hard Coal Imports Rise Sharply in Germa ...
Wednesday, 12 June 13
INDONESIAN COAL PRICE REFERENCE SLIDES TO 2013 LOW
COALspot.com - Indonesian Coal Price Reference continues to take its lumps this month, dropping about 0.54 % and hitting a 2013 low. The Indonesian ...
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- Eastern Coal Council - USA
- Central Electricity Authority - India
- Ministry of Mines - Canada
- Aditya Birla Group - India
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- Jindal Steel & Power Ltd - India
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- Independent Power Producers Association of India
- Kumho Petrochemical, South Korea
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Bhatia International Limited - India
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- Indian Energy Exchange, India
- Energy Link Ltd, New Zealand
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Straits Asia Resources Limited - Singapore
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- PTC India Limited - India
- Power Finance Corporation Ltd., India
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- Petrochimia International Co. Ltd.- Taiwan
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- CNBM International Corporation - China
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- OPG Power Generation Pvt Ltd - India
- Tata Chemicals Ltd - India
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- Price Waterhouse Coopers - Russia
- Chamber of Mines of South Africa
- Bukit Baiduri Energy - Indonesia
- Orica Australia Pty. Ltd.
- IHS Mccloskey Coal Group - USA
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- Australian Coal Association
- Alfred C Toepfer International GmbH - Germany
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- Riau Bara Harum - Indonesia
- Manunggal Multi Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- GMR Energy Limited - India
- ASAPP Information Group - India
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- Medco Energi Mining Internasional
- The University of Queensland
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
- Intertek Mineral Services - Indonesia
- Ministry of Finance - Indonesia
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- Carbofer General Trading SA - India
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Oldendorff Carriers - Singapore
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