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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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Tuesday, 30 July 13
KOMIPO INVITES BIDS FOR 520,000 MT OF 5,700 KCAL/KG COAL ON NAR BASIS FOR H1, 2014
COALspot.com : Korea Midland Power Co., Ltd. has invited bids for 520,000 Metric Tons (MT) of coal with calorific value 5,700 kcal/kg on NAR basis f ...
Tuesday, 30 July 13
AUSTRALIA'S NEWCASTLE SHIPPED 12.58 PERCENT LESS COAL W-O-W
COALspot.com: Newcastle port in Australia has loaded 2,945,848 tons of coal for the week ended 0700 hours 29 July 2013, Newcastle Port Corp. s ...
Monday, 29 July 13
INDONESIA'S ENERGY NEEDS COULD SPELL GOOD NEWS FOR TANKER OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite abundant energy resources, Indonesia has still failed meet its own demand, which led to a rising import of crude. According to the latest we ...
Sunday, 28 July 13
SUB-BIT INDONESIA COAL SWAP UP SLIGHTLY FOR SEPTEMBER CARGOES
COALspot.com – Sub-Bit Indonesia coal swaps (FOB ) for average September 2013 delivery slightly up on day and week but fell on month on ...
Saturday, 27 July 13
CEPL INDIA TO BAG 0.3 MILLION TONS OF COAL SUPPLY ORDER FROM TNPL
COALspot.com - An India based coal trader Coastal Energy Private Limited has offered the lowest price of US$ 73.00 per metric ton for calorific valu ...
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- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- SMG Consultants - Indonesia
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Coalindo Energy - Indonesia
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Toyota Tsusho Corporation, Japan
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- IEA Clean Coal Centre - UK
- Iligan Light & Power Inc, Philippines
- Baramulti Group, Indonesia
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Bharathi Cement Corporation - India
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- GMR Energy Limited - India
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Parliament of New Zealand
- Sree Jayajothi Cements Limited - India
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Rio Tinto Coal - Australia
- CIMB Investment Bank - Malaysia
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- Kartika Selabumi Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Bhoruka Overseas - Indonesia
- Price Waterhouse Coopers - Russia
- Bhatia International Limited - India
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Planning Commission, India
- Latin American Coal - Colombia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- Borneo Indobara - Indonesia
- ICICI Bank Limited - India
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- Dalmia Cement Bharat India
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- The University of Queensland
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- Global Coal Blending Company Limited - Australia
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- Indian Energy Exchange, India
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- Posco Energy - South Korea
- Alfred C Toepfer International GmbH - Germany
- Rashtriya Ispat Nigam Limited - India
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
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