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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, 01 July 13
12TH CLEAN COAL FORUM INDONESIA 2013
Press Release: Produced by CDMC Events, The 12th Clean Coal Forum Indonesia 2013 will be held on Dec 5-6,2013 in Jakarta, Indonesia. It will generat ...
Monday, 01 July 13
INDIA AND CHINA STILL DOMINATING THE INDONESIAN THERMAL COAL EXPORT MARKET
COALspot.com: Indonesia, the world's largest multi types coal exporter shipped 35.83* million tons of coal in May 2013, 1.40 per cent l ...
Sunday, 30 June 13
YEAR 2014 INDO SUB-BIT COAL SWAPS EXPECTED TO STAY BELOW 2013 LEVEL
COALspot.com – Sub-Bit Indonesia coal swaps (FOB ) for average August 2013 delivery have gained 0.08 percent on a day lost on week ...
Sunday, 30 June 13
CAPESIZE RATES SEEN INCREASING ON HIGH DEMAND - VISTAAR
COALspot.com - The BDI continued to rise and saw a big gain on Friday. BDI increased 14 per cent week ended 28 June 2013, closed at 1171 points driv ...
Friday, 28 June 13
U.S. PRODUCED 1.52 PERCENT LESS COAL WEEK ON WEEK
COALspot.com – United states the world’s second largest coal producer produced totaled approximately 19.40 million short tons (mmst) of ...
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- Kideco Jaya Agung - Indonesia
- Samtan Co., Ltd - South Korea
- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- South Luzon Thermal Energy Corporation
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PTC India Limited - India
- Dalmia Cement Bharat India
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Wilmar Investment Holdings
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Australian Coal Association
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- Toyota Tsusho Corporation, Japan
- ASAPP Information Group - India
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- Global Green Power PLC Corporation, Philippines
- Singapore Mercantile Exchange
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Grasim Industreis Ltd - India
- Planning Commission, India
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Medco Energi Mining Internasional
- Economic Council, Georgia
- The University of Queensland
- Ministry of Finance - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- The State Trading Corporation of India Ltd
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Bhoruka Overseas - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Trasteel International SA, Italy
- Videocon Industries ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Romanian Commodities Exchange
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Energy Development Corp, Philippines
- Global Coal Blending Company Limited - Australia
- CIMB Investment Bank - Malaysia
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- Aditya Birla Group - India
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- Agrawal Coal Company - India
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