|
|
|
 | |
|
|
|
||||||||||
 |
||||||||||
|
|
July 03, 2008
Imarex Daily Brief - Imarex Inc. The numbers are down about the same as yesterday – implying negative sentiment is warranted for the time being. The Pacific basin is creating most of the doubt, in case anyone is looking to point fingers. Omar Nokta at Dahlman Rose notes that Cape rates ex Australia have come down to $29/ton from $35/ton in late June, though the Pareto Shipping Team considers this a short term phenomenon, and expects better times ahead towards Q4. On the macro front, I have attached a copy of an Iron Ore and Steel report written by the Ton Mile Korea correspondent, dated June 30th. Feedback is welcome...  View Report
July 02, 2008 Imarex Daily Brief - Imarex Inc. The negativity we see in the mkt is largely due to limited demand in the Pacific allowing positions to build. Though this of course leads to uncertainty in the Atlantic, the cgo flow there has managed to keep rates close to last done. With all of this said – you can be sure that Charterers will of course keep the downward pressure on – and be more than willing to throw a drowning Owner a brick or two to facilitate the trip into Davy Jones’ locker. Not that $70k/day or so on a Panamax is bad money – but, we know by now this is all about the trend, and therefore this mkt needs a discerning eye... View Report
July 02, 2008 WEEKLY - Fearnleys The VLCC market showed even more strength up to the last couple of days when a small correction to rate levels took place. This could be partly linked to date sensitiveness and that owners were willing to accept lower levels to avoid waiting time. The Atlantic Suezmax market remained stable for the balance of last week but turned very active and consequently rates improved. Black sea and Med saw a small correction in rates due to slack activity, but a rebounce is expected as charterers are showing more interest. Aframax rates in the Nsea declined last week due to limited activity and good tonnage availability. The Med scenario was more date sensitive with limited tonnage for certain positions giving volatility to the rates in... View Report
July 01, 2008 Imarex Daily Brief - Imarex Inc. Crude tanker FFAs have seen fair volume. TD3 July trades up 3 points to 225. TD5 July also trades up a few points to 225, meaning the July contract for the Vs and Suezmaxes are priced the same. Mean reversion buffs are likely already trading this odd occurence. TD7 July also trades higher - gaining 13 points to... View Report
June 30, 2008 Imarex Daily Brief - Imarex Inc. Not much to report – as things appear fairly flat. Though the market is quiet, it doesn’t mean that the bulls have given in. There is still positive sentiment to be found. The FFAs however, have sold off a touch, though it’s only Monday – so we don’t consider this concernable just yet... View Report
June 30, 2008 BMTI Investors' Market Spotlight - Brokers Market & Trend Information (BMTI) It has been a turbulent few days with ebbs and flows of the market nowhere more volatile than with the Capes, though the market solidifies on a burst of activity before the weekend and a quickening in futures trading. Positive movement over three consecutive days... View Report
June 27, 2008 Imarex Daily Brief - Imarex Inc. We see continued firming on the larger assets and continued softening on the lesser classes. It appears Panamax strength has led the way – although, there are some who still believe that the Argie farmer’s strike is a thorn in the paw. Asian correspondent Jeff Landsberg is one of these concerned citizens, and weighs in with this piece entitled “Capitalism Rocks, but - It’s Not Over Until The Fat Lady Sings... View Report
June 27, 2008 WEEKLY MARKET REPORT - Weberseas On the dry, the market turned again from mid this week showing that good rates are here to stay, supporting the optimistic views which we have been commenting on for a while. China is sustaining the strong growth and demand for raw materials even though some views have been expressed that cargo availability may slow down towards the end of the summer. However, we have to say that by having the BDI maintained at excess 9000 points by end June, it is a good sign and indeed supports what market experts say that we are "steaming" for a "hot" 4th quarter... View Report
June 27, 2008 WEEKLY MARKET REPORT - Golden Destiny View Report
June 26, 2008 Imarex Daily Brief - Imarex Inc. The Panamax sector is still firming in both Atlantic and Pacific on the back of both period and spot demand. Cape sentiment has also improved in the Atlantic, though the Pacific remains flattish. On the macro side, steel prices may have bottomed in China, implying positive news for ore demand... View Report
June 25, 2008 Imarex Daily Brief - Imarex Inc. The Capes take a turn north and helped push the primary index into positive territory. There still seem to be concerns that the Cape sector might be oversupplied for the time being, though sentiment is better today than what we have seen the past few days... View Report
June 25, 2008 Tanker: Bunker Price Analysis - McQuilling Services High prices of crude oil have caused the price of bunker fuel to increase. The cost of bunkers is one of the major elements that make-up the voyage cost. Since January 2005 the bunker cost has more than trebled across five tanker sectors. For instance, in January 2005 the price of bunkers on an AG / USG round trip VLCC voyage was around US $1.2 million. Presently that same voyage bears almost a US $4 million in fuel cost. In the smaller tanker sectors and on the shorter trades, such as a Caribs / USG Aframax voyage, the cost of bunkers View Report
June 24, 2008 Imarex Daily Brief - Imarex Inc. The bleeding in the Cape sector has slowed, all the while the Panamax sector continues to bring the ratio back towards the norm. Period demand on Panamaxes, combined with more cautious optimism regarding the Argie farmer’s strike, has led to improved expectations for this asset class. For further commentary on the dry sector, we again turn to Jeff Landsberg, Asian Editor... View Report
June 23, 2008 Imarex Daily Brief - Imarex Inc. Though the Capes have relinquished a concernable 746 points – the Panamax sector brings positive news. You can of course try to read into the tea leaves here – or, you can make the valid assumption that the ratio is working its way back to the benchmark 2.0 level. Either way, period demand for the Panamxes has played a role – as has cautious optimism related to the Argentina farmer’s strike. Though steel prices have witnessed a decline the past few days, coal prices continue to rise. Omar Nokta at Dahlman believes “both near term and long term fundamentals remain strong... View Report
June 23, 2008 BMTI's Investors' Market Spotlight - Brokers Market & Trend Information (BMTI) The Capes, having regained some market normality in the last few days, still remain on shaky ground with the time charter average down by US$ 3,529 to US$ 161,551 on Friday. A handful of Australian rounds booked into the weekend fail to boost Pacific sentiment and a period charter 4-6 months makes a token appearance... View Report
June 20, 2008 WEEKLY MARKET REPORT - Weberseas The market has stabilized after last week's correction with the indices ending the week pretty much where they started on Monday. The dry freight market remains volatile, however all the industry experts are expecting the market to reach new highs after the summer. It has been an active week for sale and purchase with listed companies leading the way. The Turkish based company AKTIF continues to dispose tonnage, having sold 6 newbuilding bulker vessels (3 capes + 3 handies) to Genco for region US$ 530 mill. Paragon has reportedly paid USD 80 mill for a 2008 built 58,000 dwt supramax vessel... View Report
June 20, 2008 WEEKLY MARKET REPORT - Golden Destiny View Report
June 19, 2008 Tankers: 2008 First Quarter Demand Analysis - McQuilling Services In our Weekly Note No. 14 we attributed the strength of the present tanker market to the disruptions in the short term supply factors that constrained tanker tonnage and caused the rates to surge. While that still remains the case, we have recently received the latest tanker demand data for the first quarter of 2008 which was not available earlier in the year. Having the data in hand allows us to take a closer look at the demand side of the equation and evaluate whether there was an increase in dirty tanker demand that may have materially contributed to the market View Report
June 18, 2008 WEEKLY - Fearnleys The momentum in the VLCC market turned around as more requirement came to the market resulting in increasing rate levels. The supply situation seems still to be adequate next 30 days. One can always discuss if the market is driven by psychology or physical facts, but VLCC owners should still be able to enjoy healthy levels. Rates for Suezmax tonnage basis WAFR loading took a upwards leap at the end of last week reaching ws220 for TA destinations. Presently this market is holding for ws215/220 level. Owners´ resistance could cease unless charterers soon resume interest. The NSEA market remained flat in spite of fairly slow activity. To the contrary, Suezmax owners enjoyed healthy activity in Med and Blsea resulting in increasing rates to ws250 level for Blsea/Med voyages. These markets are expected to remain stable to firm due to tonnage being tied up in the Lavera strike situation. The rate levels for Aframax tonnage in NSEA, MED AND CARIBS continued, as expected, to increase from levels seen last week. June stems should at this stage more or less be covered and consequently limited available tonnage remaining. This again has led to a date... View Report
June 16, 2008 Imarex Daily Brief - Imarex Inc. Though prospects for a firm mkt towards the end of this year remain, near term sentiment is not so good. The indices reflect this change of mood. Though today’s fall-off does not sem disastrous, it is a continued slide nonetheless. Of course the Argentina’s farmer strike is playing both a physical and sentimental role, but Owner’s mojo has gone missing for the time being... View Report
June 16, 2008 BMTI Investors' Market Spotlight - Brokers Market & Trend Information (BMTI) As iron ore trades slow to a tickle in the Pacific, Cape rates take a nose dive at the end of the week with Tuesday's -2% fall in the BCI leading to Wednesday's -4% and Thursday's earth-shattering -16%, which marks a daily negative record for the index. Traders say the corrections will continue if Chinese iron flows as threatened. The BCI falls by nearly... View Report
June 13, 2008 Imarex Daily Brief - Imarex Inc. The Argentina’s farmer strike is still a source of unease in the market – all the while physical rates soften. Spot inquiry is limited, while period demand for Capes has disintegrated. Though we would like to think that a decelerating decline in the indices could be taken as a good sign, veterans of Black Tuesday know, for better or worse, that anything is possible. FFA volumes are good and prices have pushed up. With the indices down significant amounts, we now get to see if the “futures “are indeed an accurate crystal ball. They have largely moved together the past few months – so this short term divergence is worth watching... View Report
June 13, 2008 Weekly Market Report - Weberseas The BDI has been under great pressure this week mostly dragged downwards because of the capesize and panamax indices having dropped by 5491 points (28%) and 1008 points (10%) respectively. We understand that the Chinese Iron Ore importers have decided to work through their large iron ore stockpiles to ease port congestion and cargo accumulation but also to put ice on the sky-rocketing capesize freight rates. However, with the strong demand for iron ore these stockpiles are set to last for only 4 weeks (and surely these will not be brought down to zero levels) therefore we expect the market to bounce back sooner... View Report
June 12, 2008 Imarex Daily Brief - Imarex Inc. Houston, we have a problem! I had now way of knowing that yesterday’s phrase “projectile regurgitation” would turn out to be an understatement. We prefer not to print “R” rated material, so we will let you attach your own phraseology to today’s Cape index. It ain’t good. Though it seems the consensus for the balance of 2008 is firm - or better, veterans of October’s Black Tuesday and the more recent January Debacle recall how much short term pain this market can inflict on the masses. Seems that uncertainty regarding the Argentina farmer’s strike is weighing very heavily on the Panamax sector. This in turn is wreaking havoc on Cape sentiment View Report
June 11, 2008 Imarex Daily Brief - Imarex Inc. Uh oh, indeed!!! The Capes have gone from concernable decline into projectile regurgitation. A loss of 847 points is noteworthy even in this often-too-volatile sector. Limited inquiry has clearly taken the mojo away from this largest of the asset classes. The Panamaxes are in no position to lend support – as these ships are being released into the market despite the supposed conclusion of the Argentina farmer’s strike. The lack of certainty concerning this strike is causing problems. We need the “Hand of God”... View Report
June 11, 2008 WEEKLY - Fearnleys The VLCC market came to a stand still with limited fixtures being reported during the last week, resulting in a build up of tonnage in MEG. Owners have managed to maintain and turn around obtainable levels, although charterers should have a strong hand as June stems basically finished, July cargoes still a bit away and ample tonnage around.Consequently the VLCC rates below are estimated only on limited facts. Rates for Suezmax in WAFR soften further due to little interest and bottomed at ws 150. However, inquiries are slowly picking up and rates are showing signs of an upward trend. Black sea and Med seems to have leveled and is believed to gradually recover in owners favour as volumes are expected to increase. Aframaxes in the NSEA/MED and Caribs saw increased activity last week and more favourable rates followed. Momentum first changed in the MED before the NSEA and Caribs followed suit. At the time of writing all areas are still in motion, and rates are expected... View Report
June 11, 2008 Tanker Contracting - McQuilling Services The present environment is overwhelmingly defined by financial difficulties and high commodity prices causing a slow down in the world economy. Conversely, dry and wet shipping markets are booming and prices of vessels are at historical highs. Furthermore, newbuilding tanker orders are continually being placed in spite of the present financial turmoil. In order to place this into perspective, we have analyzed recent tanker contracting in parallel to the price of vessels and tried to understand the driving factor behind current tanker newbuilding contracts.... View Report
June 10, 2008 Imarex Daily Brief - Imarex Inc. The physical market is showing signs of wear. Limited activity has turned bull sentiment into uncertainty. When rates reach current stratospheric level – this is to be expected. Analyst Jeff Landsberg (Mr Ton Mile Korea) weighs in as follows: “Although the Chinese steel market is still incredibly strong, there are a few troubling issues that must be monitored closely. Domestic demand for rebar (a steel bar used in construction) is weakening. While prices are currently stable, they are expected to fall in the coming weeks as traders are reporting liquidity problems and cost pressures in the Shanghai housing market... View Report
June 09, 2008 Imarex Daily Brief - Imarex Inc. Physical market is slow as the Chinese holiday minimizes activity. Meantime, AFP is reporting that the farmers have ended their strike in Argentina – for now. There are concerns that since the government still hadn’t committed to open negotiations, that some non-union activists might not stop the strike action. View Report
June 06, 2008 Imarex Daily Brief - Imarex Inc. The Panamax sector in the Atlantic remains slow, though the Pacific basin seems to be narrowing the gap with the Atlantic, with a one-year t/c reported at about $80k. With Korea off today and China off on Monday, quiet times are not unexpected. The indices are down, though not dramatically. Since they can’t climb forever, the below declines on the larger ships are hardly concernable – for now. Let’s see what next week brings on Tuesday – when 1.3 billion of our favorite consumers return from holiday... View Report
June 06, 2008 WEEKLY MARKET REPORT - Weberseas This year's Posidonia was bigger than ever, proving one more time the importance of Greece and Piraeus in particular as one of the largest shipping centers in the world. We were very pleased to see this huge attendance and we are confident that next Posidonia will be even bigger. The talk of the week was the booming freight market, especially in the dry, and everybody seemed very optimistic about the future prospects as well... View Report
June 06, 2008 Weekly Market Report - Golden Destiny View Report
June 04, 2008 Weekly - Fearnleys The rate levels in the VLCC market continued to decline. The last few days turned out fairly quiet which can be partly blamed on Posedonia. More activity is needed to stop the present decline in levels. The Atlantic market is somewhat untested as there is limited tonnage available, but rates are expected to ease off in line with a much weaker Suezmax market. The Suezmax market in the Western Hemisphere is falling due to limited activity and ample tonnage. In fact it´s hard to set the market properly until charterers resume fixing. Aframaxes in the NSEA/MED and Caribs all experienced a quiet market last week. Limited cargo movement and good tonnage availability in all areas easily made the rates decline... View Report
June 02, 2008 BMTI Investors' Market Spotlight - Brokers Market & Trend Information - Brokers Market & Trend Information (BMTI) Cape survived last week's momentary lapse of stability-exagerated by Monday holidays in the UK and US-to mount another late-week climb, albeit relaxed, back into record territory with a rating of... View Report
June 01, 2008 Tanker Insight - Drewry Shipping Consultants Ltd Overall the tanker markets noted satisfactory results in the first quarter of the year (and further in April), with average earnings higher than the previous quarter across most vessel segments (in particular crude tankers), despite record high bunker costs and a slowdown in the financial markets across the globe. On the demand side, high oil prices (attributable to tightening fundamentals, growing geopolitical risks and higher hedge fund inflows) amidst a faltering US economy depressed oil demand (mainly from US) during the first six weeks or so. Narrow refining margins (as product prices lagged the gains in crude) forced economic run cuts on refiners across the Atlantic basin and China. As a result, freight rates across the majority of tanker markets dropped considerably during Jan-Feb. View Report
June 01, 2008 LPG Insight - Drewry Shipping Consultants Ltd Full year 2007 customs data for 25 leading LPG importing countries reveals a 1.4% fall in imports to 42.95m tonnes. The overall picture for 2007 may be boosted when Indian and Moroccan full year data becomes available... View Report
June 01, 2008 Dry Bulk Insight - Drewry Shipping Consultants Ltd The dry bulk market enjoyed a firm month, as compared to a highly volatile freight market in the previous month. The Baltic Dry Index (BDI) opened the month at 7,890 points and nudged towards the 10,000 mark at month end, to close at 9,356 points. A tight supply-demand balance drove the market and is expected to do so in the coming months as well. The severe commodity supply crunch, that hit the market in the first quarter, has led to dwindling stockpiles. Since the charterers are all busy replenishing these stockpiles, even the holidays at the beginning of May are not expected to slow down the chartering activity in the sector... View Report
June 01, 2008 Monthly Report - Golden Destiny View Report
May 30, 2008 Imarex Daily Brief - Imarex Inc. The Capes roll on - up another 401 points, as demand for period tonnage continued. This upward draft has managed to pull the Panamax sector up a touch also, despite concerns over the farmer’s strike and a generally quiet market. On the macro side, Chinese rebar export prices remain firm at about the $1,000/mt level.... View Report
May 30, 2008 Newbuilding Prices: Future Dynamics - Worldyards We have heard lots of talk about how newbuilding prices won't come down due to rising steel prices / appreciating Asian currencies. Before we discuss whether this is true it is useful to address what we see as ambiguity about prices and pricing. Most people (including shipowners) have pricing in mind when they talk about prices. Pricing is the exercise that builders do when they evaluate competing projects, based on cost estimates, adding financial/overhead charges and their margin requirements. After they have priced and chosen the project they want, they will offer this number to the ship owners. Pricing has a lot to do with costs. View Report
May 30, 2008 Weekly Market Report - Golden Destiny View Report
May 30, 2008 Weekly Market Report - Weberseas Charter rates for Panamax and Supramax vessels eased this week, especially in the Atlantic on the back of an increase of tonnage supply. Both these indices finished the week lower than last Friday. On the other hand the Capesize market consolidated its strength and finished the week higher and reaching yet another record high level. The largest iron ore producer in the world, Vale (CVRD) of Brazil, has confirmed the order of 14 VLOC (including options) of 400,000 dwt. Rongsheng Shipyard in China has confirmed that they have received such order. The deal is worth $ 2 billion and brings Vale's fleet of VLOC to 20 vessels, which make the mining giant the largest owner of VLOC. There are 124 dry bulk vessels with dwt in excess of 200,000 mt... View Report
May 29, 2008 Imarex Daily Brief - Imarex Inc. Dry Bulk ======= The Argie farmer’s strike is back on until next week, which could put a dent in both demand and sentiment. In the meantime, the Cape’s are leading the way up – gaining a not-so-tiny 460 points on the BCI. If you combine this with the increase in FFA prices and the very significant run up in equities yesterday – it seems that sentiment might be returning for another battle. View Report
May 28, 2008 Imarex Daily Brief - Imarex Inc. View Report
May 28, 2008 Weekly - Fearnleys The VLCC market east of Suez saw a correction of rates for east destinations due to less activity and increase in availability for next 30 days basis MEG. VLCC rates basis WAFR loading eased off a touch but bounced back. Presently there is a surplus of DH VLCC tonnage prior to 20th June in MEG which need to find employment before further increase can be expected. WAFR Suezmaxes remained unchanged from last week with fixing rates around WS 270 level but this market could easily increase against a more active cargo program for end June. In the MED tonnage availability became tighter, and rates for a standard voyage North Africa to Euromed went up to WS 300 for certain positions. Aframaxes in the NSEA and MED saw less activity last week and due to the market being very volatile, rates decreased substantially. Caribs was the only area where rates remained stable for Aframaxes trading at the WS 400 level at time of writing... View Report
May 27, 2008 Single vs. Double Hull Rates - McQuilling Services Despite recent exits for demolition and conversion projects, single hull tankers still represent about 30% of the VLCC fleet and a significant carrying capacity. Single hull tonnage has been trading at a discounted rate to the double hull vessels for quite some time. By constantly measuring the size of the spread between single and double hull freight rates, as well as the magnitude of fixing activity of each, we track the changes in the spot rates and analyze their behavior... View Report
May 23, 2008 WEEKLY MARKET REPORT - Weberseas Apart from the BSI & BHSI, all other indices finished the week softer following the last 2 weeks rally that lifted all indices to their all time highs. The momentum of this increase has prompted more buyers to conclude new business as evidenced by the increase activity and sales in the S&P market this week.... View Report
May 23, 2008 WEEKLY MARKET REPORT - Golden Destiny View Report
May 21, 2008 Fearnleys Weekly Newsletter - Fearnleys The VLCC market in the MEG continued to be buoyant as it has been for some time, but rates for double hull tonnage remained stable as charterers fixed away more single hulls, thus reducing the gap between double and single hull rates. VLCC activity in the Western Hemisphere continued to be brisk and rates increased strongly due to a shortage of tonnage for the dates in play. WAF Suezmax rates continued their skyward journey with rates increasing a further 50 ws points since our last report. .. View Report
May 19, 2008 BMTI'S INVESTORS' MARKET SPOTLIGHT - Brokers Market & Trend Information (BMTI) A barn burner of a week takes place in dry freight markets, breaking records and emulating that classic economic phenomenon known as the speculutive bubble-almost. The BDI rises by 12% boosted by a 14% climb... View Report
May 16, 2008 Weekly Market Report - Weberseas The November 2007 Capesize index previous all time high (16,256 points reached on the 15th November) has not only been broken this week but it has been surpassed by an amazing 1,429 points (almost 9%) to close this Friday at 17,685 points, up nearly 14% this week alone... View Report
May 16, 2008 Weekly Market Report - Golden Destiny View Report
May 15, 2008 Tankers: Current Short Term Supply Factors - McQuilling Services We define tanker market behavior as an interaction of tanker supply and demand fundamentals. At any given time there are a considerable number of elements impacting the market behavior and most can be attributed to either the supply or demand side of the equation... View Report
May 14, 2008 Fearnleys Weekly Newsletter - Fearnleys There appears to be no foreseeable end to the momentum achieved by VLCCs trading in the MEG and WAF as rates continue to go from strength to strength. Some charterers are now fixing for more forward laycans than usual, and this could possibly result in demand easing off and rates stabilising for a while... View Report
May 09, 2008 Weekly Market Report - Weberseas The Dry Indices continued their growth this week and the market has seen some tremendous fixtures, primarily in the spot market. Although the BDI (today's closing at 10,237) has some way to go in reaching it's all time high record reached on the 13/Nov/2007 (when it stood at 11,039 points) we are seeing spot fixtures at levels at par or exceeding those we saw in the 4th Quarter 2007 across all sectors... View Report
May 09, 2008 Weekly Market Report - Golden Destiny View Report
May 09, 2008 Tanker Newsletter - Barry Rogliano Salles View Report
May 08, 2008 Tankers Marpol Annex VI - McQuilling Services Global pollution concerns caused many industries to develop standards and regulations in effort to create a cleaner environment. The shipping industry responded through International Maritime Organization (IMO) by creating an international convention that deals with Pollution from Ships (MARPOL)... View Report
May 07, 2008 Weekly Market Report - Fearnleys Because of the early May holidays in Europe and the Far East, things were a little bit slower in the VLCC market, but with the supply of double hull tonnage in the MEG dwindling for early June positions, owners are not too worried about where rates are going... View Report
May 07, 2008 Cargo supply constraints and tonnage growth - Worldyards The idea of cargo supply constraint is not easily conceded by mainstream economic analysts. Typically, rising prices will lead to more supply. That is why as late as September 2007 most research houses still thought that oil prices should stabilise at around $70/80. Oil and commodity boom proponents such as Jim Rogers were mocked as.... View Report
May 05, 2008 BMTI Investors' Market Spotlight - Brokers Market & Trend Information (BMTI) It is a story of two hemispheres with the Atlantic red hot and the Pacific being marked down sharply on Tuesday, resulting in an overall discount of the BCI by 90 points. Following reports that BHP Billiton has covered at least three stems on the West Australia to Beilun and Baoshan run at US $30.50, the time charter round voyage is marked down almost US $8,000 daily, though surprisingly the back haul shows a nominal US $41.00 rise while the Richards Bay to Rotterdam trip assessment is marked up by US $0.85 on the back of a BHP Billiton fixture at US $42.75... View Report
May 02, 2008 WEEKLY MARKET REPORT - Weberseas Due to our Eastern Holidays we are covering two weeks in this report. The market is pushing ahead and last week all indices were on the increase. This week the market started by taking a short breath with the indices coming off from last week's heights but remaining strong giving good prospects for a strong comeback next week. We have noted owners optimism for further rate improvements... View Report
May 02, 2008 Weekly Market Report - Golden Destiny View Report
May 02, 2008 India's Oil & Shipbuilding Sector - McQuilling Services In the past few years many historical records have been set in the shipping industry. The dry bulk freight rates, newbuilding order spree, asset prices and demolition values have all shown historically high levels... View Report
May 02, 2008 Drybulk Newsletter - Barry Rogliano Salles View Report
May 02, 2008 Tanker Newsletter - Barry Rogliano Salles View Report
May 01, 2008 Tanker Insight April - Drewry Shipping Consultants Ltd A retrospective look at the 2007 financial results of some of the tanker companies highlights the challenges faced by the industry during 2007 – which included increased operating expenses (high bunker and crew costs) amidst a weakening dollar... View Report
May 01, 2008 Dry Bulk Insight April 2008 - Drewry Shipping Consultants Ltd March started with a bright outlook as iron ore cargoes returned to the market at the end of February following the conclusion of the negotiations between Vale and Baosteel. The Baltic Dry Index (BDI) opened the month at 7,878 points (after closing at 7,613 points the previous month)... View Report
May 01, 2008 LPG Insight April 2008 - Drewry Shipping Consultants Ltd Following two years of contraction the ethylene fleet entered a period of rapid expansion in 2006 with capacity growing 7.0% in 2006 and 8.2% in 2007. Fleet expansion is set to step up another gear in 2008 with 24 vessels scheduled for delivery... View Report
May 01, 2008 Container Insight March 2008 - Drewry Shipping Consultants Ltd Preliminary port figures for February 2008 showed a downward trend in container handling activity. The reporting period witnessed a y-o-y growth of just 8.2%, primarily due the to low growth achieved at some Far Eastern and North American ports... View Report
May 01, 2008 Container Insight - Drewry Shipping Consultants Ltd Preliminary port figures for March 2008 showed an upwards trend in container handling activity. The reporting period witnessed a y-o-y growth of about 13.2% which is primarily due to high growth achieved at certain Far Eastern ports. Throughput figures for several key regions such as Southern Europe (Spain) and Mid-East are missing and Drewry will amend March figures next month. Revised throughput figures for February have resulted in a very marginal upward trend in global handling to 8.3%, as compared to Drewry’s previous estimate of 8.2%. The Chinese New Year was certainly a factor in the slowdown here... View Report
April 30, 2008 Fearnleys Weekly Newsletter - Fearnleys The VLCC market maintained its momentum from the MEG and remained stable in the Atlantic. Most pundits continue to subscribe to the idea that double hull VLCCs will continue to see rates rise, particularly for voyages MEG/East... View Report
April 28, 2008 Dry Bulk Newsletter - Barry Rogliano Salles View Report
April 28, 2008 BMTI Investors' Market Spotlight - Brokers Market & Trend Information (BMTI) Capes end the week on the upside with a strong 307 points added to the BCI. In spite of the boost to sentiment, the market on Friday shows less activity, which some brokers ascribe to the Greek Easter Holidays; however, others see it as a healthy cooling down as the market has become somewhat overheated in their opinion... View Report
April 25, 2008 Tanker Newsletter - Barry Rogliano Salles View Report
April 24, 2008 Suezmax 1st Quarter Summary - McQuilling Services View Report
April 23, 2008 Fearnley's Weekly Market Report - Fearnleys The VLCC market in the MEG continued its ascent with rates reaching ever higher levels. It is believed that there is still considerable upside potential in this market as there is little double hull tonnage left for the first three weeks of May... View Report
April 21, 2008 BMTI Investors\' Market Spotlight - Brokers Market & Trend Information (BMTI) After a rather slow week the Capesizes were gaining strength on Friday with 273 points added to the BCI and the t/c average up by US $3,466 to US $135,080 on Friday although the market remains relatively quiet... View Report
April 21, 2008 Dry Bulk Newsletter - Barry Rogliano Salles View Report
April 18, 2008 Weekly Market Report - Golden Destiny View Report
April 18, 2008 Tanker Demand - McQuilling Services We are of the opinion that tanker markets are driven by interactions of supply and demand. While tracing short term demand remains a constant challenge, long term or annual world demand data provides solid grounds for comparison and analysis of tanker demand on yearly basis... View Report
April 18, 2008 Tanker Newsletter - Barry Rogliano Salles View Report
April 16, 2008 Weekly Market Report - Fearnleys The was a definite change of mood in the MEG VLCC market with rates firming for end April/early May loaders as the list of available vessels became considerably shorter. At present, the first half May cargoes placed in the market are being fixed at firm rates, and there is little to indicate that this will not continue in the near future... View Report
April 14, 2008 BMTI Investors' Market Spotlight - Brokers Market & Trend Information (BMTI) A generally strong and steady market sees the BCI marked up 118 points and the time charter average increased by US$ 1,288 to US$ 132,870 daily... View Report
April 14, 2008 Dry Bulk Newsletter - Barry Rogliano Salles View Report
April 11, 2008 WEEKLY MARKET REPORT - Weberseas The dry cargo market has stabilized this week with the capesize and panamax index overall making gains, albeit small increment from last week... View Report
April 11, 2008 Tanker Newsletter - Barry Rogliano Salles While oil prices keep climbing (now fetching the US$110 per barrel) and bunkers are at their historical highest (MDO now above US$1,000/ton!), most shipping markets maintained a strong instability this week. Volatility remains the key word these days… View Report
April 11, 2008 WEEKLY MARKET REPORT - Golden Destiny View Report
April 11, 2008 VLCC First Quarter Summary - 2008 - McQuilling Services With this note we begin a series of quarterly summaries on various tanker sectors. The intent is to keep our readers abreast on the tanker market by graphically illustrating the behavior of sector fundamentals over a three month period... View Report
April 09, 2008 Fearnleys Weekly Report - Fearnleys The VLCC market took what can only be described as a massive dive in both the East and the West. Consequently, the few inquiries placed in the market were swamped with offers from eager owners; it´s not that often that we see a short voyage MEG/Rsea attracting ten offers!.. View Report
April 07, 2008 Weekly Market Report - Brokers Market & Trend Information (BMTI) The week ends on a positive note for the Capes after climbing from a quiet start. In the Pacific rounds still dominate with the 2000-built 170,000 dwt "Nord Kraft" booked from Zhoushan for a trip via Australia to China at a stronger US $140,000 daily... View Report
April 07, 2008 Dry Bulk Newsletter - Barry Rogliano Salles View Report
April 04, 2008 Weekly Market Report - Golden Destiny View Report
April 04, 2008 Tanker Newsletter - Barry Rogliano Salles View Report
April 02, 2008 Weekly Market Report - Fearnleys View Report
April 02, 2008 Weekly Market Report - Weberseas This week ended with all the indices in the red loosing between 3-4% and it was one of the most quiet weeks since the beginning of 2008. There are few sales to report however, the ones reported in the dry sector prove that there are buyers there for handymax bulkers which seems to be the most sought after market segment at present... View Report
April 01, 2008 Container Insight - Drewry Shipping Consultants Ltd Preliminary port figures for January 2008 show a y-o-y growth of 11.7% in global container handling activity. Revised throughput figures for December has resulted in a downward revision in global handling to 12.8% compared to Drewy's previous estimate of 15.8%... View Report
April 01, 2008 Dry Bulk Insight - Drewry Shipping Consultants Ltd Dry bulk market stabilised over February after the free fall experienced in the previous month. The Baltic Dry Index (BDI) opened the month at 6,134 points and dipped to 6,002 points in the first week of trading. Chinese New Year and Brazilian carnival celebrations severely hit chartering activity in the market. View Report
April 01, 2008 LPG Insight - Drewry Shipping Consultants Ltd BW Gas unsurprisingly retained top spot as the owner with both the most LPG carriers and the largest amount of capacity. However compared to last year their share of fleet capacity has dropped to 16.7% from 17.0% (although still way ahead of the 4.2% 2nd place NYK account for), and in terms of number of vessels StealthGas are now only seven vessels behind BW Gas (last year their closest rivals - Eitzen – had 16 fewer vessels)... View Report
April 01, 2008 Tanker Insight - Drewry Shipping Consultants Ltd Oil prices rallied over the $105/bbl mark in the first week of March driven largely by speculation rather than by fundamentals. A huge influx of capital from market speculators, hedging against a weakening dollar and rising inflation (amid expectations that the Fed will further slash interest rates to sustain growth in the US), and growing geopolitical tensions, formed the base for the recent spike in prices... View Report
April 01, 2008 Golden Destiny March Report - Golden Destiny View Report
April 01, 2008 LPG Tanker Newsletter - Barry Rogliano Salles View Report
March 31, 2008 Drybulk Newsletter - Barry Rogliano Salles View Report
March 31, 2008 BMTI Investors' Market Spotlight - Brokers Market & Trend Information (BMTI) Capes make a decisive departure from the rest of the market, rocketing upward on strong Pacific demand and firmer order flows in the Atlantic... View Report
March 28, 2008 Weekly Market Report - Weberseas With Monday a holiday in Western Europe and Tuesday a national Greek holiday the market remained very quiet. This week's most striking news is the ongoing national farmer strike in Argentina (now entering its 3rd week) which is blocking grain and soya supplies to export terminals on the River Plate... View Report
March 28, 2008 Weekly Market Report - Golden Destiny View Report
March 28, 2008 Tanker Newsletter - Barry Rogliano Salles View Report
March 28, 2008 Tankers: Investment Attractiveness - McQuilling Services Acquisition prices in the tanker market continue to climb for both newbuildings and second-hand tonnage. Concurrently the international financial turmoil spawned by the US subprime mortgage crisis has tightened credit markets. Meanwhile the outlook for tanker earnings over the next few years is... View Report
March 26, 2008 Weekly Market Report - Fearnleys View Report
March 25, 2008 BMTI Investors' Market Spotlight - Brokers Market & Trend Information (BMTI) BMTI provides a daily report of broker views, market news and trend analyzes on all sectors of the international dry bulk shipping market. Our reports are drawn from a global network of independent correspondents, agencies and BMTI subscribers themselves. View Report
March 21, 2008 Weekly Market Report - Weberseas Another active week just passed with reported deals of all sizes in the dry sector even though towards the end we noted a slow down of the activity mainly due to the Catholic Easter Holidays and other holidays in some major trading countries.... View Report
March 19, 2008 Weekly Market Report - Fearnleys View Report
March 19, 2008 Ice Class Tankers - March 2008 - McQuilling Services In comparison to our March 2006 ice class note, significant reduction in ice class orderbook can be observed. Almost forty ice class vessels are expected to deliver by 2010 which is about half the size of 2006 orderbook... View Report
March 17, 2008 Dry Bulk Newsletter - Barry Rogliano Salles View Report
March 14, 2008 Weekly Market Report - Weberseas Yet, the market keeps on driving ahead with a very active week in the S&P market with deals being concluded in all sectors and at very healthy numbers. A nine year old capesize with delivery 4th quarter 2008 fetched a massive US$ 135 mill whilst a twelve year old panamax has achieved US$ 65 mill, both by Chinese buyers. In addition, a 1st quarter 2009 capesize resale has managed to achieve US$ 140 mill. View Report
March 14, 2008 Tanker Newsletter - Barry Rogliano Salles View Report
March 12, 2008 Weekly Market Report - Fearnleys Rates in the VLCC market continued their downward spiral in the face of limited demand for and plenty of supply of tonnage. The same malaise was seen in the Atlantic VLCC market as the interest in VLCC movements from the Cont and WAF to the F.East diminished... View Report
March 12, 2008 Single Hull Fleet - McQuilling Services The single hull tankers are slowly exiting the fleet and heading either towards the repair yards for variety of conversions or towards the shipbreaking yards. So far this year we count a total of nine vessels sold for scrap and the scrap price reaching US $725 / ldt. In the above calculations we used a more... View Report
March 10, 2008 DRYBULK NEWSLETTER - Barry Rogliano Salles Sentiment turned again last week in the dry bulk market and substantial gains were logged across the board. In particular the Capesize and Panamax indices recorded increases of close to 15%. There was no clear reason for the turnabout, although stems from Brazil have started to pick up again and the outlook looks good for April. View Report
March 07, 2008 Weekly Market Report - Weberseas There is no doubt about it; the market is making its comeback pretty much as most people expected it to do. The nervousness of January & February has disappeared and confidence is driving the S&P market to higher levels every day. Activity is firming and we are reporting a few Supramaxes at good prices. Demand is outpacing supply for quality tonnage at the moment and it is expected this will drive prices higher in the weeks to come. Just to illustrate, it is interesting to note that there were upto 12 buyers that inspected the handysize Ansac Orient (28,400 Dwt / Blt 1995) which was finally sold for a healthy US$ 39.30 mill. View Report
March 07, 2008 TANKER NEWSLETTER - Barry Rogliano Salles In addition to the ‘traditional’ zones of tension, the new severe situation now prevailing between Venezuela and Columbia has largely participated to the increase in oil prices … As an example, the ICE index exceeded the US$100 mark most of the week. View Report
March 07, 2008 Tankers: Newbuilding Prices - McQuilling Services Recent media headlines on cancellation of newbuidling contracts due to lack of financing power, delays in deliveries from Chinese shipyards, never-ending increase in prices of raw materials, Japanese shipyards’ confrontation with steel-mills and delayed... View Report
March 05, 2008 Weekly Market Report - Fearnleys The VLCC market didn´t manage to keep its momentum as demand faded away. The quiet spell was reflected in a 10 point drop MEG/West and Far East voyages leaving MEG/Singapore range untested and estimated only in below table... View Report
March 03, 2008 DRYBULK NEWSLETTER - Barry Rogliano Salles To convert or not to convert, that is the question…the recent dash to turn tankers into bulkers hit a new obstacle this week: with steel prices rising rapidly, owners and yards have to revise their bills for conversions. One Asian owner is already reported to be seeking cash from new investors to overcome the problem of delays and increased costs in its program. As such, with bulker “surgery” already costing owners in the region of $90-$95m, and freight rates fluctuating wildly, it could be a fine line between success and failure for owners converting speculatively. View Report
March 01, 2008 Monthly Report, February 2008 - Golden Destiny View Report
March 01, 2008 LPG Tanker Newsletter - Barry Rogliano Salles View Report
February 29, 2008 Weekly Market Report - Golden Destiny View Report
February 29, 2008 Weekly Market Report - Weberseas There is a definite increase in the S&P activity this week with more Buyers coming forward, more negotiations taking place and a good number of sales being concluded equally divided between tankers and bulkers. We take note in the fact that we saw, after a period of at about 2 months, a few sales of modern bulkers albeit at lower prices that what we saw in the last quarter in 2007. There is a number of early/mid 2000's built supramax bulkers under negotiations as we write this report (i.e. the Tango Glory and the Snow Falcon) and it will be interesting to see at what levels they will be sold at. Also reported is a big price paid for a VLCC re-sale, us $ 164 mill on novation basis for delivery within 2009... View Report
February 29, 2008 Tanker Newsletter - Barry Rogliano Salles View Report
February 28, 2008 Tanker Insight - Drewry Shipping Consultants Ltd Hoping for a ‘manageable’ future Over the past couple of months, the tanker industry has been constantly hit by widespread announcements on hull restrictions from charterers and flag administrations, post the unfortunate oil-spill from the single hull tanker ‘Hebei Spirit’ off the South Korean coast. Following the South Korean government’s decision to impose a ban on single hull tankers from 2011, two major Korean refiners, GS Caltex and SK Energy announced that they will phase-out the usage of single hull tankers from 2009 and 2010 respectively. Recently, the Philippines have also brought forward their phase-out plan by placing a ban on single hulls as early as April this year. Such decisions are likely to coerce other major importers like China and India to also follow suit. View Report
February 28, 2008 Dry Bulk Insight - Drewry Shipping Consultants Ltd The New Year started on a very negative note for the dry bulk market as it suffered severe downward revisions. The Baltic Dry Index (BDI) came off its historic high levels to a six month low of 5,615 points, after starting the year at 8,891 points and setting an historic record of 11,039 points in mid November. The Drewry Earnings Index also fell by 19% over the month to reach 980 points. A number of factors affected activity levels; the Chinese withheld their iron ore imports because of the iron ore price negotiations and drew from inventory stock. Coal supplies to the country were also disrupted by severe weather conditions in China and power crisis in some of the major exporting countries. |
