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Friday, 27 September 13
CAPESIZES REGAINING PART OF THEIR FORMER GLORY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The latest dry bulk market rally has been nothing short of spectacular, with freight rates more than doubling over the past few weeks. This growth has largely been led by the once again booming Capesize segment, the largest of the bulk carriers' breed. In its latest report, shipbroker Intermodal noted that with the Baltic Capesize Index now above 4,000 points and the average of the 4 TC routes only a breadth away from $40,000 per day, it looks as though the worst is now behind us and all market players take an opportunity for a breather and to reorganize their strategy.
According to Mr. George Lazaridis, Research Analyst, noted that "this climb in the freight market is no small feat. The last time we saw the freight market climb to these levels was back in 2010 in the respective September rally then. This was at a time when the Capesize and VLOC fleet stood at around 1,096 vessels compared to the current fleet of 1,437 (that’s give or take 500 deliveries minus scrapping and a more than 30% increase in carrying capacity). In comparison we now stand head to head with a considerably smaller order book schedule (14% order book to fleet ratio compared to the 50% seen in 2010) and are still seeing a strong rise in demand from commodities such as iron ore and coal albeit", he noted.
Lazaridis said that "as promising as the above may sound, this may end up being nothing more than just a September rally. Rates will drop back down from their current highs and although it doesn’t look likely that they will reach the lows of 2012 any time soon, it also looks unlikely that we will soon see a rapid boom in the market that would drive a major “bull rush” and that may well be why we haven’t really seen that many investors in a hurry to secure units in the second hand market nor slots in the new building market", he said.
Still, on the other hand, "looking at both the prices in the second hand market and new building market, you do tend tο wonder why we haven’t seen more activity? I mean it’s not like Capes had been excessively priced compared to Panamaxes, with the latter having witnessed a remarkable rise in interest and activity over the past nine months. Granted that all prices have now gone up since their previous rock bottom levels of December 2012, however there is still reason to take interest in this size segment. Resale, 5 year old and 10 year old units are trading at price levels which are at competitive levels when compared to their new building counterparts. Yes, they may not be new eco-designs, but the discount is still noteworthy (11%, 30% and 56% cheaper than a new building for resale, 5 year old and 10 year old respectively) and when compared to their current going period charter levels, it makes sense to take on this minimal risk as the pay-off seems to be significant", said Mr. Lazaridis.
He went on to note that "the current price gap that has occurred has been partly due to the sharp rise in new building prices over the past nine months which was at a faster pace than the second hand market could accommodate. What’s more is that although we are not at the absolute bottom anymore, we are still at low second hand price levels which were last seen in the early 2000’s. As an example, a five year old Capesize would be changing hands for US$ 35.0m in the second hand market in October 2003 while during the same period a new building would cost around US$ 42.5m (meaning that the then discount of a 5 year old vessel was only 22%). So there you have it. The fundamentals seem to be there for Capes this week and while it has been the Panamaxes that have attracted most of the interest over these past couple of months, it seems to be the Capesize market that is promising higher gains thanks to the current market arbitrage. That is all well and good if you can find a noteworthy vessel for sale in this market, because as it seems, as much as there may be a limited number of buyers for Capes, so too is there a shortage of good quality candidates circulating the market. As such, one wonders how much longer these low price levels may last?", Lazaridis concluded.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Sunday, 29 September 13
SUB-BIT INDONESIA COAL SWAP FELL ON MONTH AND WEEK
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q4 2013 delivery fell 3.93 percept month on month on Friday 27 September 2 ...
Friday, 27 September 13
TAIWAN'S FORMOSA TO IMPORT 140K MT OF BITUMINOUS COAL FOR Q4
COALspot.com : Taiwan's Formosa Plastics Group is inviting bids for 140,000 mt of bituminous coal for delivery in the Q4 for its China plant.
Ac ...
Friday, 27 September 13
US PRODUCED 19.30 MMST OF COAL IN SEVEN DAYS
COALspot.com – United States the world’s second largest coal producer produced approximately 19.30 million short tons (mmst) of coal in ...
Thursday, 26 September 13
PANAMAX MARKET CONTINUE WITH STRONG RATES IN BOTH BASINS - FEARNRESEARCH
Handy
Feast rates are still firm, some fresh stems entered the market. Vessels trading around $15k passing Singapore for coal to India, and a bit l ...
Thursday, 26 September 13
INTERCARGO PUBLISHES BENCHMARKING BULK CARRIERS 2012-13 REPORT
The International Association of Dry Cargo Shipowners (Intercargo) has today launched Benchmarking Bulk Carriers 2012-13, the latest edition of our ...
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- McConnell Dowell - Australia
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Meralco Power Generation, Philippines
- Medco Energi Mining Internasional
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Altura Mining Limited, Indonesia
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Agrawal Coal Company - India
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- Wilmar Investment Holdings
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- Global Business Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- Coastal Gujarat Power Limited - India
- Meenaskhi Energy Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Therma Luzon, Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Merrill Lynch Commodities Europe
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Riau Bara Harum - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- Bhatia International Limited - India
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- CIMB Investment Bank - Malaysia
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- GAC Shipping (India) Pvt Ltd
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Intertek Mineral Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- Thai Mozambique Logistica
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
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