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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, 18 July 13
DRY BULK MARKETS RETAINS RECENT GAINS, MOVES SIDEWAYS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has kept on moving sideways this week, as evidenced by the latest trends of the industry's benchmark, the Baltic Dry Index (BDI ...
Wednesday, 17 July 13
NEWCASTLE COAL EXPORTS FELL 3.85% ON WEEK
COALspot.com: Newcastle port in Australia has loaded 2,860,149 tons of coal for the week ended 0700 hours 15 July 2013, Newcastle Port Corp. s ...
Wednesday, 17 July 13
TORN BETWEEN A CREDIT CRUNCH AND SUSTAINABLE GROWTH - GEORGE DERMATIS
COALspot.com: In 2012 China expanded at a rate of 7.8%, its worst annual performance in 13 years, raising criticism over the newly appointed governm ...
Tuesday, 16 July 13
TAKE - OR - PAY CONTRACTS CONTINUE TO INCENTIVISE AUSTRALIAN COAL PRODUCERS DESPITE POTENTIAL NEGATIVE CASH MARGINS - WOOD MACKENZIE
Australia's coal production has continued to grow, despite lower coal prices in 2013. Global investors and suppliers are therefore questioning whet ...
Monday, 15 July 13
INDONESIAN GOVERNMENT HAS REVISED DOWN ITS JULY BENCH-MARK COAL PRICE TO US$ 81.69 PER MT
COALspot. com - Indonesian Coal Price Reference dropped 3.75 % and hitting a 2013 low. The Indonesian government has revised down its owned coal ben ...
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- Sree Jayajothi Cements Limited - India
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- SMG Consultants - Indonesia
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- Eastern Energy - Thailand
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- Latin American Coal - Colombia
- Indogreen Group - Indonesia
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Economic Council, Georgia
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Bhatia International Limited - India
- Indonesian Coal Mining Association
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Electricity Authority, New Zealand
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Indian Energy Exchange, India
- Thai Mozambique Logistica
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Singapore Mercantile Exchange
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chamber of Mines of South Africa
- Parry Sugars Refinery, India
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Xindia Steels Limited - India
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- ICICI Bank Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- Borneo Indobara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Attock Cement Pakistan Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- Rio Tinto Coal - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- Tata Chemicals Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
- Posco Energy - South Korea
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Central Java Power - Indonesia
- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Heidelberg Cement - Germany
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Aboitiz Power Corporation - Philippines
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- Ministry of Mines - Canada
- Kobexindo Tractors - Indoneisa
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- SMC Global Power, Philippines
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