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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, 19 July 13
U.S.COAL PRODUCTION TOTALED APPROXIMATELY 19.60 MMST WEEK ENDED JULY 13
COALspot.com – United states the world’s second largest coal producer produced totaled approximately 19.60 million short tons (mmst) of ...
Friday, 19 July 13
TNPL IS LOOKING FOR 300 K MT OF 6000 GAD COAL FOR FIVE MONTH
COALspot.com - Tamil Nadu Newsprint & Papers Ltd. , an Indian paper maker, is seeking 300,000 metric tons ± 5% (In 5 shipments about 60,0 ...
Thursday, 18 July 13
3RD ANNUAL FLOATING TERMINALS, INDONESIA
Commercial applications for offshore transshipment facilities
Floating Terminal solutions are increasingly being deployed by miners, independent ...
Thursday, 18 July 13
THE CAPE MARKET APPEARS TO BE HOLDING FIRM - FEARNLEYS AS
Handy
In the Pacific, market maintained similar levels during the week. There is several Indo coal orders in the market, ships passing Singapore fi ...
Thursday, 18 July 13
DRY BULK MARKETS RETAINS RECENT GAINS, MOVES SIDEWAYS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has kept on moving sideways this week, as evidenced by the latest trends of the industry's benchmark, the Baltic Dry Index (BDI ...
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- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- PTC India Limited - India
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Bangladesh Power Developement Board
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Iligan Light & Power Inc, Philippines
- Power Finance Corporation Ltd., India
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- Eastern Energy - Thailand
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Kumho Petrochemical, South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- Makarim & Taira - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Interocean Group of Companies - India
- McConnell Dowell - Australia
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercuria Energy - Indonesia
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- Anglo American - United Kingdom
- Sical Logistics Limited - India
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Oil Corporation Limited
- Sindya Power Generating Company Private Ltd
- Karaikal Port Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- PowerSource Philippines DevCo
- Asmin Koalindo Tuhup - Indonesia
- Meralco Power Generation, Philippines
- Jaiprakash Power Ventures ltd
- LBH Netherlands Bv - Netherlands
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- Xindia Steels Limited - India
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- Minerals Council of Australia
- CNBM International Corporation - China
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- Star Paper Mills Limited - India
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- Kapuas Tunggal Persada - Indonesia
- Videocon Industries ltd - India
- The University of Queensland
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Krishnapatnam Port Company Ltd. - India
- Straits Asia Resources Limited - Singapore
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- Kaltim Prima Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- Bhatia International Limited - India
- Central Java Power - Indonesia
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
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