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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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Thursday, 05 September 13
DRY BULK MARKET ON A HIGH ROLL, MAINLY THANKS TO CAPESIZE APPETITE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Capesize owners have been rejoycing on the back of renewed optimism for the further rise in the dry bulk market's freight rates, especially when on ...
Wednesday, 04 September 13
RBCT SHIPPED 16.18 PERCENT MORE COAL IN JULY
COALspot.com - Richards Bay Coal Terminal (RBCT) is the single largest coal export terminal South African as well as in the world has shipped 6,162, ...
Wednesday, 04 September 13
SUPRAS AND HANDIES : INDONESIAN COAL CARGOES ARE SUPPORTING HEALTHY ACTIVITY LEVELS - INTERMODAL
The Dry Bulk market has pooled back a bit this week after firming for two weeks in a row. The BDI is s holding above 1,100 points and despite the sm ...
Tuesday, 03 September 13
AUSTRALIA'S NEWCASTLE PORT SHIPPED 22.93 PER CENT MORE COAL W-O-W
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port up 22.93 per cent week on week to 3.39 million mt for ...
Sunday, 01 September 13
COAL SWAP SHOWS MIXED TREND
COALspot.com – Sub-Bit Indonesia coal swaps (FOB ) for average Q4 2013 delivery 1.25 percent up month on month. The swap was moved posit ...
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- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- Kideco Jaya Agung - Indonesia
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- Bhatia International Limited - India
- ASAPP Information Group - India
- Samtan Co., Ltd - South Korea
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Planning Commission, India
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- Thai Mozambique Logistica
- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- MS Steel International - UAE
- Indogreen Group - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- VISA Power Limited - India
- Petron Corporation, Philippines
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bulk Trading Sa - Switzerland
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Barasentosa Lestari - Indonesia
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- Kartika Selabumi Mining - Indonesia
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- Indo Tambangraya Megah - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- Meenaskhi Energy Private Limited - India
- Borneo Indobara - Indonesia
- Intertek Mineral Services - Indonesia
- Energy Development Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- Wilmar Investment Holdings
- Independent Power Producers Association of India
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- Energy Link Ltd, New Zealand
- Sarangani Energy Corporation, Philippines
- PTC India Limited - India
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- Interocean Group of Companies - India
- Price Waterhouse Coopers - Russia
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- Trasteel International SA, Italy
- Formosa Plastics Group - Taiwan
- Commonwealth Bank - Australia
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- Ministry of Finance - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Jindal Steel & Power Ltd - India
- SMC Global Power, Philippines
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Jaiprakash Power Ventures ltd
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- South Luzon Thermal Energy Corporation
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
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