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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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Saturday, 27 July 13
INDONESIA TO INDIA SUPRAMAX FREIGHT RATES ARE EXPECTED TO REMAIN STEADY - CAPT.REDDY
COALspot.com : The freight market seemed to soften this week with BDI , Cape and Panamax indices dropped average 5 percent on week.
The BDI was d ...
Thursday, 25 July 13
CAPESIZE : PACIFIC AND ATLANTIC RATES ARE HOLDING STEADY - FEARNLEYS AS
Handy
The Far East market remains quiet even if some Indo coal trip orders were fed in the market at early this week. Prompt ships passing Singapor ...
Thursday, 25 July 13
SUMMER LULL CHIPPING AWAY RECENT GAINS IN DRY BULK FREIGHT RATES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
In what seems to be establishing as a permanent trend, at least for the time being, the dry bulk market kept on retreating yesterday, even if this r ...
Tuesday, 23 July 13
NEWCASTLE'S COAL EXPORTS CLIMB 17.82% ON WEEK, PORT'S DATA SHOWS
COALspot.com: Newcastle port in Australia has loaded 3,369,865 tons of coal for the week ended 0700 hours 22 July 2013, Newcastle Port Corp. s ...
Monday, 22 July 13
DRY BULK MARKET DIFFICULT TO MAINTAIN POSITIVE DRIVE CLAIMS SHIPBROKER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has seen a significant recovery in recent weeks, leading most ship classes to earnings above their operating expenses, thus brin ...
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- Riau Bara Harum - Indonesia
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Binh Thuan Hamico - Vietnam
- South Luzon Thermal Energy Corporation
- Minerals Council of Australia
- Petron Corporation, Philippines
- Singapore Mercantile Exchange
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- IHS Mccloskey Coal Group - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- Rio Tinto Coal - Australia
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- The University of Queensland
- Vizag Seaport Private Limited - India
- Dalmia Cement Bharat India
- Australian Coal Association
- Orica Mining Services - Indonesia
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Tamil Nadu electricity Board
- Wilmar Investment Holdings
- Madhucon Powers Ltd - India
- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Sakthi Sugars Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- Bulk Trading Sa - Switzerland
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Central Java Power - Indonesia
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- Meenaskhi Energy Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- GN Power Mariveles Coal Plant, Philippines
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
- GVK Power & Infra Limited - India
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- Parry Sugars Refinery, India
- SN Aboitiz Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- Parliament of New Zealand
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Anglo American - United Kingdom
- Power Finance Corporation Ltd., India
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- Lanco Infratech Ltd - India
- Renaissance Capital - South Africa
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Sidhee Cement - India
- Mintek Dendrill Indonesia
- Baramulti Group, Indonesia
- Planning Commission, India
- ASAPP Information Group - India
- Chamber of Mines of South Africa
- Energy Development Corp, Philippines
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- Sindya Power Generating Company Private Ltd
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Ministry of Finance - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- Aditya Birla Group - India
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- Coastal Gujarat Power Limited - India
- Maheswari Brothers Coal Limited - India
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
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