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Wednesday, 10 July 13
DRY BULK MARKET IS STILL STRUGGLING TO SURVIVE - INTERMODAL
 COALspot.com : With the first half of the year now behind us and, as expected, most shipping segments in the dry bulk market are struggling to survive, while in many occasions vessels are trading below their daily op-ex. The rebound that was much anticipated by many market woes has yet to be seen. June was the exception here, at least for Capes, bringing a pleasant end to the first six months of the year thanks to increased demand for iron ore and coal.
Since the 5th of June, when the BDI stood at 801 points, a 13-week low, we witnessed a rally which drove the Index to 1179 points on July 2nd, which was its highest mark for the year so far. The driving force behind this was mainly Capers which have been on a run due to China's iron ore restocking activity. Chinese mills begun restocking as their inventories had fallen to approx. 67 million tons, a “low” last seen three years ago. This fact together with the considerably decreased prices for imported iron ore, resulted in the longest run in the Cape segment since summer 2006.
Panamaxes also found some ground, although for a smaller recovery, in the Atlantic and as grain shipments from South America increased, charterers came to terms with paying higher freights in order to carry their shipments. With effects of this seasonal peak now waning, Panamaxes should start looking to the forthcoming US grain season in order to maintain their levels. On the smaller segments, rates for Supras and Handies also improved during June, however by comparison with the larger sizes, spot earnings remained within a fairly narrow range.
What will happen next?
Apparently shipping rates are unlikely to keep their positive momentum, as demand continues to outpace the growth of supply despite the fact that shipping capacity growth now stands at below 7%, which is the lowest in the dry bulk market since the end of 2009. Shipping capacity had a huge run over the past years, driven by large volume of new orders, as people in the industry expected global trade growth to continue at a equal pace. However this expectation failed to materialize as the global economic crisis weighed down on expansion of both the developed economies, like the EU and the US as well as on many emerging economies like China. With the latter’s government having chosen to tolerate lower economic growth in order to successfully implement reforms but also better support longer-term economic growth on a more sustainable path.
So there you have it. Economic indicators are not offering any positive signs, neither for the more developed economies, nor for the emerging ones. The main driving force of global economic growth for the past years, China, is slowing down from a 10 per cent annual growth witnessed over the last decade, down to a 7.5 per cent this year and with a target of 6 per cent for the decade to come. The long anticipated urbanization plan of 1 trillion Yuan, which had been announced by China is not going to jump-start the economy any time soon as the new “style” of urbanization that China is aiming for is more “people-centric” rather than infrastructure focused, a fact that which will balloon the economy further. At the same time vessel removals are continuing at a satisfactory pace and capacity growth stands at its lowest level since 2009, a combination of factors that is mandatory for healthier times to come.
Our industry is still in “dire straits”, however as is widely accepted, crisis gives birth to opportunities and the most successful investments, especially in shipping's competitive and volatile environment, are given birth by well-placed investment decisions in the most difficult of times. Have a great summer ahead!
Chartering (Wet: Firm+ / Dry: Stable- )
The Dry Bulk market, after three weeks of gains has given up some of its upside last week.
The main driving force behind the recent rally, the Capesize segment, witnessed softer activity across both basins, which resulted in lower rates across the board. The BDI closed today (09/07/2013) at 1120 points, up by 5 points compared to Monday’s levels (02/07/2013) and a decrease of 50 points compared to previous Tuesday’s levels (25/06/2013). Rates for the crude oil carriers keep taking the market by surprise as stronger activity ex-MEG doesn't allow for rates to slip back to the dismal levels witnessed in the first half of the year. The BDTI Monday (08/07/2013), was at 606 points, up 26 points and the BCTI at 559, a decrease of 3 points compared to the previous Monday’s levels (01/07/2013).
Compiled by:
Intermodal Research & Valuations | research@intermodal.gr
Analysts
George Lazaridis
Direct: +30 210 6293 320
Email: g.lazaridis@intermodal.gr
Eva Tzima
Direct: +30 210 6293 329
Email: 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.
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Thursday, 01 August 13
CAPESIZE: THE FLOW OF CARGOES REMAINS RELATIVELY STABLE, AND THE PACIFIC IS LOOKING PROMISING - FEARNLEYS AS
Handy
The Pacific market is still facing low activity, so no wonder that the tonnage list is getting longer. It´s still Ramadan and only a fe ...
Wednesday, 31 July 13
COAL GASIFICATION
IBC’s Coal Gasification conference explores the opportunities for coal gasification investment and development in Asia.
With depleting dome ...
Wednesday, 31 July 13
SUPRAMAX : THE PACIFIC BASIN WAS MOVING ON A POSITIVE PATH - EVA TZIMA
COALspot.com: Cape - Despite holding their ground fairly well early on in the week, Capes in the Atlantic basin gave in to the mounting pressure fro ...
Tuesday, 30 July 13
HARD COAL ON THE WAY TO BECOMING THE WORLD'S MOST IMPORTANT ENERGY SOURCE - VDKI
Press Release : Hard coal continued to be the world’s fastest-growing fossil primary energy source in 2012. It covered about 28% of the world ...
Tuesday, 30 July 13
WIJAYA TRI UTAMA PURCHASES MICROCOAL TECHNOLOGIES' CLEAN COAL UPGRADING FACILITY
- First MCI commercial scale application of proprietary microwave technology to upgrade coal thermal output and reduce pollutants
- MicroCoal to re ...
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- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- Vizag Seaport Private Limited - India
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- Meralco Power Generation, Philippines
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- Asmin Koalindo Tuhup - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Interocean Group of Companies - India
- Central Electricity Authority - India
- Aditya Birla Group - India
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- Mercator Lines Limited - India
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- PTC India Limited - India
- Makarim & Taira - Indonesia
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- AsiaOL BioFuels Corp., Philippines
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Trasteel International SA, Italy
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- MS Steel International - UAE
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Minerals Council of Australia
- CNBM International Corporation - China
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- Indian Energy Exchange, India
- Merrill Lynch Commodities Europe
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- The University of Queensland
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- Bhatia International Limited - India
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Borneo Indobara - Indonesia
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Wilmar Investment Holdings
- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Iligan Light & Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
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