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Wednesday, 28 August 13
THE BDI HAS MOVED TO LEVELS CONSIDERABLY STRONGER THAN THE BEGINNING OF THE YEAR - INTERMODAL
 By George Bassakos
SnP Broker - Intermodal
We have already reached the end of August and whilst students are preparing themselves for another school year, the shipping community – at least the Cape folks for now - is looking back on the year to date facts with some renewed enthusiasm for the year to come.
The BDI has moved to levels considerably stronger than the beginning of the year lows of 698 points and currently stands at 1,165 points ( after peaking at 1,179 points on July 1st – the year's high so far), mainly boosted by strengthened Capesize rates, which have increased 3-fold since the beginning of 2013. It will be interesting to see if the market leading index will be able to break the strong-resistance level of 1,200 points or not. Gains in smaller sectors have been more modest, all segments though currently earn above their respective daily OPEX.
Cape rates have been mainly driven by renewed iron ore activity to China, whilst strikes in Colombia and port congestions, pushed spot rates in levels last seen in November 2012. It is interesting that this latest surge came earlier this year, in the traditional summer lull, and not during the always more active Q4.
FFAs are pointing to a sustained growth during Q4, with Capes currently climbing close to $ 22,000/day, Panamaxes at below $ 10,000/day, Supras at excess of $ 10,000/day and smaller Handies at around $ 8,000/day. The next calendar year does not currently signal an impressive recovery, even though many analysts forecasted a more steep market improvement than the one painted by Baltic figures. Panamaxes have replicated last year's performance up to this point, while Supras and Handies have been better performers, compared to their bigger counterpart, proving their flexibility to adjust to volatile market conditions in the seaborne world trade.
SnP wise, it has been an interesting year thus far, with Greeks having a strong presence in both the second hand and the new building market. Japanese owned second-hand tonnage has proven particularly attractive for Greek buyers, who appear to be willing to pay a premium on the “last done”, even though rates have not been supportive of such a buying rush at this stage yet... New building activity has already surpassed last year's levels in most segments - mainly driven by owners' appetite for eco ships, but also by lower quoted prices, which have only recently started moving north again. Scrapping on the other hand has underperformed massively.
So, what's ahead? In Greece, we tend to change our educational system so often that students sometimes are not familiar with the new academic year's syllabus. Are we in face with a similar situation here? Well, the sentiment is more positive as of late and it seems that we won’t be moving in uncharted waters this time. It remains to see if the good captain will lead us to a safer port, i.e. improved/healthy market activity, or back to Scylla and Charybdis, i.e. uncertainties surrounding the global economy, China's slowing growth, capital exit from emerging markets, anemic growth in Europe, tonnage overcapacity etc. etc.
Chartering
Things were a bit more bright for VL owners this past week and in today’s market this simply means that further declines were avoided. Despite the fact that WS levels remained unchanged, activity e-Meg did manage to pick up significantly compared to the week before but, as always, there is still enough tonnage available to meet current requirements and deny any significant rate increases.
Rates for Suezmaes continued to slide further this week and despite the fact that the list of ballasters in the MG region isn't that long, fixing interest has significantly dropped. Most of the pain was nevertheless felt on fixtures e-WA. After some weeks of strong performance, the rate for the WA/USG voyage fell down to WS 52.5, while the TEC returned to the level below $ 10,000/day.
Afra rates continue to ignore the overall sluggishness of the crude oil carriers market. The firm number of enquiries in the Black Sea/Med region towards the end of the week has pushed the TCE in the area more than 35% up, while the big star of the week was no other than the north Sea/Baltic region where limited tonnage helped rates surge.
Chartering (Wet: Stable+ / Dry: Firm+)
With a lot of help from Capes, the Dry Bulk market has firmed further this past week. The big bulkers have once more pushed the BDI higher and the market looks ready to test new highs for the year once more. The BDI closed today (27/08/2013) at 1169 points, up by 4 points compared to Friday’s levels (23/08/2013) and an increase of 24 points compared to previous Tuesday’s levels (20/08/2013). Rates for Afras continue to win further ground mainly due to North Sea activity, while the recent Suezmax rate surge already feels like a distant memory as rates for the segment plummeted this week. The BDTI Friday (23/08/2013), was at 658 points, an increase of 14 points and the BCTI at 591, an increase of 39 points compared to the previous Friday’s levels (16/08/2013).
Compiled by:
Intermodal Research & Valuations | research@intermodal.gr
Analysts:
Mr. George Lazaridis | g.lazaridis@intermodal.gr
Ms. Eva Tzima | 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.
Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Friday, 13 September 13
DIRECTOR GENERAL OF MINERAL AND COAL OF INDONESIA REVISED UP COAL PRICE REFERENCE TO US$ 76.89
COALspot. com - The Indonesian government has revised up its owned coal bench mark price by US$ 0.19/ MT to US$ 76.89 for September 2013 deliveries ...
Thursday, 12 September 13
PANAMAX : PACIFIC ROUNDS ARE NOW REPORTED BETWEEN USD 13K AND 15K PER DAY - FEARNRESEARCH
Handy
Nickel ore is a key support SE Asia/Feast rate at the moment; vessel in N.China were fixed around USD 11-12k, ships in mid China can expect a ...
Thursday, 12 September 13
CAPESIZE MARKET WILL BECOME EVEN TIGHTER - JEFFREY LANDSBERG
COALspot.com : While it is no secret that current capesize availability has become tight and has caused capesize rates to surge, availability is set ...
Thursday, 12 September 13
OVER THE WORST? WE MIGHT FIND OUT THIS WEEK - BIMCO
The shipping market has a spring in its step, even as summer draws to a close. There is it seems, confidence that finally, we are emerging into the ...
Thursday, 12 September 13
DRY BULK MARKET RALLY COMES AT A GOOD TIME FOR MOST SHIP OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The latest surge of the dry bulk market has helped offset other lingering factors, which otherwise, could have plunged freight rates to new lows. Fo ...
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- Mjunction Services Limited - India
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- Grasim Industreis Ltd - India
- Larsen & Toubro Limited - India
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Attock Cement Pakistan Limited
- Wilmar Investment Holdings
- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sinarmas Energy and Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Vizag Seaport Private Limited - India
- New Zealand Coal & Carbon
- SN Aboitiz Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- The State Trading Corporation of India Ltd
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- Cigading International Bulk Terminal - Indonesia
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- PTC India Limited - India
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Orica Australia Pty. Ltd.
- Australian Coal Association
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kaltim Prima Coal - Indonesia
- Siam City Cement PLC, Thailand
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Singapore Mercantile Exchange
- Posco Energy - South Korea
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- ICICI Bank Limited - India
- McConnell Dowell - Australia
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- Manunggal Multi Energi - Indonesia
- Minerals Council of Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Borneo Indobara - Indonesia
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Directorate General of MIneral and Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- Mercator Lines Limited - India
- ASAPP Information Group - India
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- MS Steel International - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- Independent Power Producers Association of India
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Romanian Commodities Exchange
- The University of Queensland
- Coal and Oil Company - UAE
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
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