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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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Wednesday, 21 August 13
DRY BULK SHIPPING - POSITIVE WINDOW FOR CAPESIZE OWNERS - PETER SAND
By: Peter Sand, Chief Shipping Analyst, BIMCO
Demand:
“Expect the unexpected from the dry bulk market” was what we wrote last time ar ...
Wednesday, 21 August 13
RATES FOR CAPES MOVED DECISIVELY NORTH THIS WEEK - INTERMODAL
COALspot.com - Right when the BDI seemed ready for another dive below the 1000 points level, the Dry Bulk market made significant comeback this week ...
Tuesday, 20 August 13
AUSTRALIA NEWCASTLE COAL EXPORTS FALL 19.15 PERCENT ON WEEK
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port fell 19.15 per cent week on week to 2.39 million mt f ...
Tuesday, 20 August 13
CAPESIZE RATES MORE SENSITIVE TO DEMAND - COMMODORE RESEARCH & CONSULTANCY
COALspot.com : Approximately 71.50 million tons of iron ore is now stockpiled at Chinese ports, 900,000 tons (-1%) less than a week ago, Commodore R ...
Sunday, 18 August 13
SUB-BIT FOB INDONESIA COAL SWAP : ON POSITIVE DIRECTION ON DAY, WEEK AND MONTH
COALspot.com – Sub-Bit Indonesia coal swaps (FOB ) for average Q4 2013 delivery US$ 1.83 up month on month. The swap was moved positive ...
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- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- Oldendorff Carriers - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Carbofer General Trading SA - India
- Sinarmas Energy and Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Banpu Public Company Limited - Thailand
- Coal and Oil Company - UAE
- Makarim & Taira - Indonesia
- Kaltim Prima Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- Aditya Birla Group - India
- Tamil Nadu electricity Board
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- Bukit Makmur.PT - Indonesia
- Borneo Indobara - Indonesia
- Australian Coal Association
- Mercuria Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- Sree Jayajothi Cements Limited - India
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Anglo American - United Kingdom
- PTC India Limited - India
- Posco Energy - South Korea
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- Baramulti Group, Indonesia
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- London Commodity Brokers - England
- Renaissance Capital - South Africa
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- Straits Asia Resources Limited - Singapore
- Goldman Sachs - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Uttam Galva Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Medco Energi Mining Internasional
- Economic Council, Georgia
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Chamber of Mines of South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- MS Steel International - UAE
- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Kartika Selabumi Mining - Indonesia
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- Asmin Koalindo Tuhup - Indonesia
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Mintek Dendrill Indonesia
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- Vizag Seaport Private Limited - India
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- VISA Power Limited - India
- Deloitte Consulting - India
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Planning Commission, India
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- LBH Netherlands Bv - Netherlands
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- Indian Energy Exchange, India
- Simpson Spence & Young - Indonesia
- Parliament of New Zealand
- European Bulk Services B.V. - Netherlands
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