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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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Monday, 15 July 13
INDO COAL SWAPS ARE STRUGGLING FOR RIGHT DIRECTION
COALspot.com – Indo coal swaps are struggling to find the right direction. Sub-Bit Indonesia coal swaps (FOB ) for average August 2013 d ...
Friday, 12 July 13
U.S. PRODUCED 18.40 MMST COAL WEEK ENDED 6 JULY 2013
COALspot.com – United states the world’s second largest coal producer produced totaled approximately 18.40 million short tons (mmst) of ...
Thursday, 11 July 13
PANAMAX: PACIFIC ROUND PAY AROUND $6,500/D; ATLANTIC ROUND VOYAGE PAY AROUND US$ 10,000/D - FEARNLEYS AS
Handy
The Feast market is quiet, July date cargoes remain unfixed as there is a gap between what owners aiming and charterers willing to pay. There ...
Tuesday, 09 July 13
COAL PRICE REMAINS SLUGGISH - TRIMEGAH
COALspot.com - Newcastle coal price has reached US$ 76.30/ton (-15.9% YTD), bringing YTD’13 average to stand at US$ 87.90/ton, 6.80% lower tha ...
Tuesday, 09 July 13
NEWCASTLE COAL EXPORTS JUMP 27.53% ON WEEK TO 2.97 MILLION MT
COALspot.com - Newcastle Coal exports up 27.53% to 2.97 million tons W-o-W.
Newcastle port in Australia has loaded 2,974,715 tons of coal for the ...
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- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- Semirara Mining Corp, Philippines
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- Global Business Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Mjunction Services Limited - India
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- Mintek Dendrill Indonesia
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- ASAPP Information Group - India
- The University of Queensland
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- Independent Power Producers Association of India
- Minerals Council of Australia
- Ambuja Cements Ltd - India
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- Jindal Steel & Power Ltd - India
- PTC India Limited - India
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- Central Electricity Authority - India
- Interocean Group of Companies - India
- PowerSource Philippines DevCo
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- Australian Coal Association
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- Coal and Oil Company - UAE
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Carbofer General Trading SA - India
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- London Commodity Brokers - England
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- Kohat Cement Company Ltd. - Pakistan
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Sakthi Sugars Limited - India
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- New Zealand Coal & Carbon
- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- Sical Logistics Limited - India
- South Luzon Thermal Energy Corporation
- Savvy Resources Ltd - HongKong
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Dalmia Cement Bharat India
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
- Bharathi Cement Corporation - India
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Videocon Industries ltd - India
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Vijayanagar Sugar Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
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