Baltic Exchange Dry Index 3583 UP 100
BCI Baltic Exchange Capesize Index 6715 UP 250
BPI Baltic Exchange Panamax Index 2754 UP 111
BSI Baltic Exchange Supramax Index 1722 DOWN 16
BHSI Baltic Exchange Handysize Index 827 DOWN 9
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12/6 2009 16:24 fcras 0
13431 Friday, 12 June 2009
Shipping rates are expected to cross the 5,000-point mark later this year despite a recent retreat, says Precious Shipping Plc (PSL), citing current congestion at vessel discharge ports and the continued rise of iron-ore imports into China. The Baltic Dry Index (BDI), the most closely watched measure for commodity shipping rates, slipped 4.27 percent on Monday for the third consecutive day of declines to 3,646. The index, which reached 12,000 last year before plunging below 1,000, had peaked at 4,291 a week before.
PSL managing director Khalid Hashim said the index had eased because imports of iron ore into China had slowed from a previous sharp and sudden pace, but were likely to soon bounce back.
"Considering the congestion at Chinese discharge ports and the present increased level of iron ore imports, the index could actually breach the 5,000- point mark," he said.
The congestion should clear up once this binge buying iron ore abates or more Cape-sized vessels are delivered than market demand can absorb, he acknowledged. "If traffic reduces and demand for iron ore imports into China slows down, then rates will fall as sharply as they have gone up."
Analysts said the BDI dropped after China's stock of iron ore of 70 million tonnes exceeded demand of steel, expected to slide 5 percent this year.
Based on the forecast of the World Steel Association, 64 million tonnes of iron ore would be required by the mainland this year, compared with 68 million tonnes used in 2008.
Mr Hashim also said PSL aimed to sell another 11 ships in 12-18 months after selling 14 of its fleet of 44 ships at the start of this year. Eleven ships have been physically handed over to buyers.
KGI Securities has revised down its net profit estimate for PSL by 13 percent to 2.85 billion baht on the targeted fleet of 32 ships, with the recommended price of 19.4 baht per share.
PSL, the country's second largest dry bulk carrier after Thoresen Thai Agencies (TTA), posted total revenue of 2 billion baht in the first quarter with a net profit of 843 million, down from 1 billion baht a year earlier.
PSL shares closed yesterday on the Stock Exchange of Thailand at 17.10 baht, up 30 satang, in trade worth 68.26 million baht. TTA rose 80 satang to 22.90 in trade worth 1.85 billion baht.
Source: American Chronicle
http://www.hellenicshippingnews.com/index.php?option=com_content&task=view&id=51530&Itemid=79
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Precious Shipping Plc (PSL) website:
http://www.preciousshipping.com/Home/tabid/36/Default.aspx
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12/6 2009 19:59 fcras 013439 BHP Billiton grabbed four capesize bulkers Friday as activity picked up across the segments.
The Australian miner grabbed the day's only capesize spot charter but also snagged another three bulkers for $16.10 to $17 per ton.
Capesizes
BHP is paying $66,000 per day for Bocimar's 174,000-dwt Mineral Libin (built 2006) for a China to Australia roundtrip.
The fixture is an improvement on the only spot charter on Thursday, when the 161,000-dwt Cape Eagle (built 1993) fetched $64,000 per day for a similar voyage.
BHP also is taking ore cargoes from Australia to China for $17 per ton to take an unnamed 170,000-dwt bulker, $16.10 on Frontline's 170,000-dwt Front Breaker (built 1991) and $16 on Alpha Tankers and Freighters' 170,000-dwt Alpha Era (built 2000).
Panamaxes
Four- to six-month deals dominated the perked-up panamax period fixtures.
Sinochart is paying the highest price, taking Hadley Shipping's 74,500-dwt Clare (built 2005) for $25,000 per day. Swiss Marine, however, is paying just $16,500 per day, however, for Hellenic Carriers' 65,400-dwt Hellenic Sea (built 1991).
Among longer charters, Hong Xiang Shipping has booked Dia Marine's 75,900-dwt Palma Bulker (built 2009) for 28 to 30 months at $20,000 per day.
China Shipping Development's 73,937-dwt Jiu Long Feng (built 2002) bagged the same price for 11 to 13 months, but Deiulemar is paying $23,000 per day for 12 to 14 months on KG Allgemeine Leasing's 73,700-dwt Barbara (built 1997).
Panamax spot rates took a move upward as Golden Ocean threw down $35,000 per day for OceanFreight's 75,500-dwt Trenton (built 1995). The deal, which will bring the vessel from Finland to China, is a relet from Norden.
Excel Maritime Carriers' 82,200-dwt Ore Hansa (built 2006) is taking a trip from Gibraltar to China via Mauritania on the tab of Cosco, which is paying $31,000 per day.
A trio of trips from Brazil to Asia cost between $23,050 to $26,500 per day, although two included ballast bonuses. Louis Dreyfus, for example, is paying the highest of the rates plus a $650,000 bonus to take Pacific Carriers' 75,800-dwt Ikan Bayan (built 2005) from Brazil to Singapore or Japan.
A round trip from Asia to South America fetched $21,000 per day for Mercator Lines' 69,200-dwt Kanak Prem (built 1997), with Sinochart as the charterer, while a similar trip is costing Louis Dreyfus $20,000 per day for Alcyon Shipping's 74,100-dwt Little Prince (built 2001).
Five Asia-to-Australia roundtrips cost between $20,000 per day and $23,000 per day. Orient Marine's 75,300-dwt Century Star (built 2003) is earning the top of that range in a charter from Iino, while Norden is paying $20,000 per day for the 69,100-dwt South Fortune (built 1995).
Supramax
A pair of spot journey's showed a wide range in rates for supramax units. Allied is paying $31,000 per day for a ride on Byzantine Maritime's 56,600-dwt Fanoula (built 2008) from South America's west coast to Singapore or Japan.
But Doun Kisen's 55,100-dwt Navios Armonia (built 2008) is earning $13,000 per day to travel from Asia to Australia and back on Daiichi's tab.
Among period charters, Norden has grabbed Ugland Marine's 52,400-dwt Fermita (built 2001) for four to six moonths at a rate of $15,500 per day.
KDB Capital's 47,600-dwt Talent (built 1996) is staying busy until January or February with a $13,000-per-day period charter.
By Eric Martin in Stamford
Published: 14:16 GMT, 12 Jun 2009 | last updated: 14:16 GMT, 12 Jun 2009
13/6 2009 09:26 fcras 013456 WEEKLY MARKET REPORT
June 12th, 2009 / Week 24
The indices continued their slide for the best part of the week however, by Thursday it was evident that this downturn would be short lived as the caper and panamax indices moved upwards and continued with strong gains on Friday. Even though on a week-to-week basis all of the indices were in the red the market is showing resilience in that downturns are short lived.
- more here:
http://download.hellenicshippingnews.com/pdf/weberseas/WeberSeas%20Weekly%20Report%20June%2012-09.pdf
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Handysize “Federal Fuji” 1986 - 29.531 dwt (Fednav Group)
05.02.09 - leaving Rio Tinto Alcan installation - Photo: © Alexandre, Lévis, Canada
