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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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Tuesday, 06 August 13
UNLEASHING SHALE GAS POTENTIAL AS A GLOBAL ENERGY GAME CHANGER
In its 4th year running, the Annual Shale Gas Conference will bring leaders from North American shale gas operators, key Asian regulators, multi ...
Tuesday, 06 August 13
GBCE APPOINTS BENJAMIN WILEY AS NEW MANAGING DIRECTOR
COALspot.com : GB Clean Energy Ltd. (GBCE) announced today that Mr. Benjamin Wiley has been appointed as Managing Director.
Mr. Wiley has ...
Tuesday, 06 August 13
AUSTRALIAN NEWCASTLE PORT'S COAL EXPORTS FALL 23.16 PERCENT ON WEEK TO 2.26 MMT
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port fell 15.8 percent week on week to 2.26 million mt for ...
Monday, 05 August 13
PAPERLESS TRADING (ELECTRONIC BILLS OF LADING) - FREQUENTLY ASKED QUESTIONS ("FAQS") - UK P&I CLUB
A number of Members have contacted the Club with queries regarding the use of electronic bills of lading and any potential consequences for P&I ...
Monday, 05 August 13
INDO GOVERNMENT'S DECLARED HBA IN AUGUST '13 FALL TO LOWEST LEVEL SINCE JANUARY '10
COALspot. com - HBA fell to US$ 76.70 this month, the lowest since January 2010. Indonesian Coal Price Reference fell 6.11% and hitting a 2013 ...
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- Bulk Trading Sa - Switzerland
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Mining Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- The University of Queensland
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- The State Trading Corporation of India Ltd
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- Metalloyd Limited - United Kingdom
- Thiess Contractors Indonesia
- Price Waterhouse Coopers - Russia
- Bukit Baiduri Energy - Indonesia
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Vijayanagar Sugar Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- Bukit Makmur.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- Wilmar Investment Holdings
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- Africa Commodities Group - South Africa
- McConnell Dowell - Australia
- London Commodity Brokers - England
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- PTC India Limited - India
- Ambuja Cements Ltd - India
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Mercator Lines Limited - India
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Madhucon Powers Ltd - India
- Sree Jayajothi Cements Limited - India
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IEA Clean Coal Centre - UK
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- Independent Power Producers Association of India
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Meenaskhi Energy Private Limited - India
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