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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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Monday, 26 August 13
CARRIAGE OF COAL CARGOES FROM KALIMANTAN, INDONESIA - WEST OF ENGLAND P&I CLUB
The Club has recently been advised by consulting scientists and engineers Dr J H Burgoyne and Partners (International) Limited that the number of in ...
Sunday, 25 August 13
API 8 CFR SOUTH CHINA COAL: HEADING TO NORTH
COALspot.com – Sub-Bit Indonesia coal swaps (FOB ) for average Q4 2013 delivery US$ 2.39 up month on month. The swap was moved positive ...
Sunday, 25 August 13
THE FREIGHT MARKET S7 & S8 SECTOR IS EXPECTED TO BE STEADY/FIRM NEXT WEEK - VISTAAR
COALspot.com - The freight market continued to be firm with all indices moved positive except for Panamax which was slightly down (2 pct down).
T ...
Friday, 23 August 13
US PRODUCED MORE COAL WEEK ON WEEK - EIA
COALspot.com – United states the world’s second largest coal producer produced totaled approximately 20.80 million short tons (mmst) of ...
Thursday, 22 August 13
PANAMAX : PERIOD MARKET IS STILL BEING LED BY STRONGER SENTIMENT IN THE FFA'S - FEARNRESEARCH
Handy
This week started slowly as expected. Indo biz now rate APS around 7k +60k to china and around 8k+80k to India. However, there are some ships ...
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- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Gujarat Sidhee Cement - India
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Tata Chemicals Ltd - India
- White Energy Company Limited
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- Anglo American - United Kingdom
- Heidelberg Cement - Germany
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- Ministry of Transport, Egypt
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- Dalmia Cement Bharat India
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- Bhatia International Limited - India
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- The Treasury - Australian Government
- London Commodity Brokers - England
- Attock Cement Pakistan Limited
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Sojitz Corporation - Japan
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Aditya Birla Group - India
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Price Waterhouse Coopers - Russia
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- Altura Mining Limited, Indonesia
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- Straits Asia Resources Limited - Singapore
- Independent Power Producers Association of India
- Orica Australia Pty. Ltd.
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- Orica Mining Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- Trasteel International SA, Italy
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Economic Council, Georgia
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- India Bulls Power Limited - India
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Posco Energy - South Korea
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- Eastern Energy - Thailand
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- CIMB Investment Bank - Malaysia
- Kepco SPC Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
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