FIXTURES - 20/JUN/2013

FIXTURES -  20/JUN/2013

Baltic Exchange Daily Fixture/Index List 20/06/2013


BDI 1012 (UP 17) BCI 1792 (UP 35) BPI 920 (UP 11)
BSI 916 (UP 7) BHSI 548 (UP 1)
Last published BDTI 580 (DOWN 3) BCTI 566 (DOWN 2)


TIMECHARTER

'Cape Frontier' 2006 180201 dwt  dely Immingham 30 June trip via
St.Lawrence redel China $23000 daily - Noble -
direct>
'Alpha Faith'2008 178104 dwt  dely Rizhao 24/25 June trip via Roberts
Bank redel China approx $12000 daily - DHL
'Cape Stork' 1996 171039 dwt  dely retroactive to sailing from Xingang
17 June trip via West Australia redel south China $11000 daily chopt n
China $11500 daily - NYK
'Tonda Sea' 2011 92500 dwt  dely aps Brazil 25 June/5 July trip redel
Gibraltar-Skaw $8500 daily + $340000 bb - Cargill
'Tiare' 2009 83688 dwt  dely Liverpool 21/22 June 2/3 laden legs redel
Skaw-Passero $9500 daily - Edf
'Barock' 2007 82668 dwt  dely EC South America mid July trip redel
Singapore-Japan $15000 daily + $500000 bb - cnr
'Sri Prem Veena' 2007 82459 dwt  dely passing Cape of Good Hope 19
June trip via EC South America redel Singapore-Japan $9700 daily first
90 days $9900 daily balance + $630000 bb - Marubeni
'Figalia Navigator' 2012 81480 dwt  dely aps EC South America 10/20
July trip redel Singapore-Japan $15000 daily + $500000 bb - Bunge
'Georgia T' 2011 80416 dwt  dely Singapore 29/30 June trip via West
Australia + PG redel PMO $8850 daily + $250000 bb - Phaethon
'Clymene' GMI relet 2006 73600 dwt  dely Gdansk prompt 2 laden legs
redel Gibraltar-Skaw $10500 daily - D'Amico
'Anangel Omonia' 1996 73519 dwt  dely aps Indonesia prompt trip redel
India $6000 daily + $85000 bb - Oldendorff
'Sophia Z' 2009 57700 dwt  dely S.Brazil end June/early July  trip
redel Algeria approx $16000 daily - Cargill
'Busan Star' 2011 57336 dwt  dely Tieshan spot  trip via SE Asia redel
China intention nickel ore $9750 daily - Tongli
'Jin Yue' 2010 56934 dwt  dely Hong Kong spot  trip via SE Asia redel
China intention nickel ore $9500 daily - cnr
'Pacific Bless' 2012 56361 dwt  dely USGulf spot  trip redel
Singapore-Japan intention pet coke approx $24000 daily - Noble
'Gong Yin 1' 2009 53450 dwt  dely Hong Kong spot  trip via SE Asia
redel China intention nickel ore $9300 daily - Able Glory
'Melos' 2009 53100 dwt  dely Singapore spot  trip via Indonesia redel
N.China intention iron ore $11000 daily - Sinochart
'Nordic Bothnia' 1995 43706 dwt  dely Pasir Gudang spot  trip redel
S.China intention coal $7500 daily - Safe Arrival


PERIOD

'Beihai' 1995 45178 dwt  dely Gibraltar spot 3/5 months trading redel
worldwide $11500 daily - Klaveness


ORE

'TBN' 170000/10 Port Hedland/Qingdao 1/10 July $7.90 fio
scale/30000shinc - BHP Billiton

INDUSTRY UPDATES - 19/06/2013

Profit-booking drags sugar futures




Sugar prices ruled steady on Tuesday on routine demand while profit booking pulled down prices by Rs 5-7 a quintal on the domestic futures market.

Due to continuous rain in the city and middle month time, local demand remained need-based that kept prices in physical markets steady with minor changes. Moral was calm, said traders.

Sources said that in the Vashi wholesale market, S-grade improved by Rs 10 while M-grade lost by Rs 5 at higher end.

Naka and mill tender rates were steady, while in futures market, profit booking pulled down prices after rising Rs 38 in the last two days. Physical lifting remained lower than arrivals.

In the Vashi market, arrivals were 64-65 truckloads (each 100 bags) and local despatches 58-60 loads.

On Monday, 15-16 mills offered tenders and sold about 38,000-40,000 bags to local traders at Rs 2,950-3,010 (Rs 2,950-3,010) for S-grade and Rs 3,020-3,120 (Rs 3,020-3,120) for M-grade.

On the National Commodities and Derivatives Exchange, sugar July contracts declined by Rs 5 to Rs 3,106 (Rs 3,111), August slipped by Rs 6 to Rs 3,158 (Rs 3,164) and September by Rs 7 to Rs 3,198 (Rs 3,205) till noon.

The Bombay Sugar Merchants Association’s spot rates were: S-grade Rs 3,080-3,141 (Rs 3,069- 3,131) and M-grade Rs 3,172-3,331 (Rs 3,172-3,336). Naka delivery rates were: S-grade Rs 3,020 -3,080 (Rs 3,020-3,080) and M-grade Rs 3,140-3,220 (Rs 3,140-3,220).

Coal block owner must sell power on long-term contract



The Government has made it mandatory for power companies which have been allocated coal blocks to sell electricity through long-term contracts with distribution utilities; otherwise, they stand to lose their mining permission.

INDUSTRY UPDATES - 15/06/2013

Government loses big on MMTC offer




The government’s decision to postpone the follow-on public offering of trading company MMTC Ltd in 2010 has cost it dearly. While the market has been more or less flat in the past three years, MMTC’s value has reduced considerably. Of course, one can’t say this based on the publicly traded price of MMTC shares. With a floating stock of just 0.67% of the total equity capital, the company’s traded price has been out of whack for quite some time now.



In the past three years, the shares have fallen by about 85% to Rs.210. And still, the government had to apply a huge discount of over 70% to the current traded price to attract investors for the company’s offer for sale (OFS) on Thursday. The floor price has been set at Rs.60. If the company’s traded price has always been far removed from business fundamentals, how can one say the government could have raised a much higher amount if it had gone ahead with the follow-on offer in 2010? This is simply because MMTC enjoyed much higher profits three years ago. In financial year 2009-10, it reported a net profit of Rs.216 crore. In the year ended March, the company’s adjusted profit of a little over Rs.100 crore was less than half those levels. Assuming the same price to earnings multiple, the government could have raised at least double the amount it will raise now.



MMTC’s profits have fallen sharply mainly because of the ban on iron mining in Karnataka, strictures on iron ore exports and increased railway freight for iron ore. Segment profit from minerals and iron ore stood at Rs.120 crore in FY10, and merely Rs.45 crore in FY13. The company’s other large profit centre is imports of precious metals, primarily gold. This business has been hit hard by government moves to curb gold imports. In FY13, revenues from the division fell by over 70%. With the government’s renewed call to citizens to curb gold purchases, it’s quite unlikely that MMTC, majority owned by the government, will increase its gold imports with gusto. While these two businesses have suffered, other segments such as imports of coal and farm products such as edible oils have done reasonably well and have provided the company’s profits the necessary cushion.



Even so, the company’s valuations look expensive inspite of the government’s seemingly discounted offer price of Rs.60 per share. This results in an equity valuation of Rs.6,000 crore and a price to earnings ratio of

FIXTURES - 13/06/2013

FIXTURES - 13/06/2013







BDI 873 (UP 26) BCI 1484 (UP 57) BPI 833 (UP 25)

BSI 895 (No change) BHSI 528 (UP 3)

Last published BDTI 594 (DOWN 7) BCTI 573 (DOWN 4)





TIMECHARTER



'Navios Altair' 2006 83001 dwt -
SwissMarine>

'Adelante' 2012 82800 dwt dely Santos 25/30 June trip redel

Singapore-Japan $9000 daily + $680000 bb - Cargill

'Key Action' 2010 82168 dwt dely aps EC South America 25/30 June

trip redel Continent $8500 daily + $300000 bb - Azure

'Achilles' 2004 76878 dwt dely aps Indonesia 24/29 June trip redel

Malaysia $6000 daily + $85000 bb - Noble -

'Brugge Max' 1998 73056 dwt dely psg Gibraltar 17 June 2 laden legs

redel Skaw-Cape Passero $9000 daily - Klaveness

'United Mojanda' 2012 57802 dwt dely Bilbao 12/14 June 2/3 laden legs

redel Atlantic approx $10000 daily - WBC -

'Vinalines Sunrise' 2006 56057 dwt dely Rizhao spot trip via

Indonesia redel India $6000 daily - cnr

'Navios Ulysses' 2007 55728 dwt dely aps Santos 20/25 June trip redel

Nigeria $17500 daily - Pacbasin

'Oriental Harmony' 2011 35152 dwt 13.5 L on 26.3 + 0.2 mdo dely Pasir

Gudang prompt 2 laden legs redel Singapore-Japan $8000 daily - cnr

'Obrovac' 2010 34444 dwt 14 L on 30.5 + 0.1 mdo dely passing Singapore

spot 2 laden legs redel Singapore-Japan $6500 daily - Daewoo

'Western Maple' 2010 32493 dwt dely Surabaya prompt trip via

Australia redel China $7000 daily - Oldendorff





PERIOD



'Aquacharm' 2003 171009 dwt dely Shanghai 17/20 June 4/6 months

trading redel worldwide $11250 daily - Vitol

'Lia M' Vitol relet 2013 74000 dwt dely aps Trombetas end June 60-100

days redel Skaw -Cape Passero $9000 daily + $350000 bb - Copenship





ORE



'Navios Obeliks' 2012 160000/10 Tubarao/Qingdao 20/29 June $17.50 fio

scale/30000shinc - Cargill

'SwissMarine TBN' 205000 dwt 160000/10 Port Hedland/Qingdao 20/22 June

$7.80 fio scale/30000shinc - FMG

'Mona River' MOL relet 2000 160000/10 Tubarao/Qingdao 15/30 July

$17.70 fio scale/30000shinc - Louis Dreyfus

'Stella Jade' 2012 160000/10 Dampier/Qingdao 28/30 June $7.60 fio

scale/30000shinc - Rio Tinto

'Golden Queen' Cargill relet 2010 160000/10 Dampier/Qingdao 27/30 June

$7.60 fio scale/30000shinc - Rio Tinto

'Rahi' 2011 160000/10 Saldanha/Qingdao 1/10 July $13.00 fio

scale/30000shinc - Sinochart -

'Teh May' Louis Dreyfus relet relet 2004 142000/10 West

Australia/Kaoshiung a/o Taichung 22/30 June $6.70 fio

75000shinc/38000shinc - CSE









COAL



'TBN' 150000/10 Richards Bay/Gangavaram 21/30 June $11.00 fio

scale/35000shinc - Libra

'TBN' 150000/10 Tanjung Bara/Mundra 15/24 June $6.50 fio

45000shinc/40000shinc - Libra

'TBN' 130000/10 Samarinda/Rizhao 20/30 June $5.85 fio

15000shinc/25000shinc - Avra -

'TBN' 75000/10 Richards Bay/Dahej 22/30 June $13.50 fio

scale/30000shinc - Libra

'TBN' 60000/10 Taboneo/Dahej 19/23 June $9.00 fio

INDUSTRY UPDATES - 13/06/2013

Coal India signs non-disclosure pacts with Australian mines




Coal India Ltd has signed non-disclosure agreements with mine owners in Australia as it pushes forward with the process of buying overseas assets, the company chairman said on Thursday.“We are going through the process. In fact, we have signed two to three non-disclosure agreements in Australia,” Coal India chairman S. Narsing Rao said in a phone interview from Kolkata.



Rao said some of the mines under consideration have the capacity to produce 10-15 million tonnes of coal a year and the company wants to take a quick decision, “otherwise they may get clinched (by others).”



Coal India, the world’s largest coal mining company, has a war chest of as much as Rs.35,000 crore that can be used to acquire overseas mining assets with domestic expansion constrained by obstacles related to environment, land acquisition and civil liberties.



A number of international assets are up for sale as the cost of production at mines has risen, while coal and iron ore prices have declined and the prices of finished products such as metals have remained low.Analysts and company executives say coal assets are up for sale in Australia, the US, Africa and Indonesia and, with their hunger for energy sources, China and India seem to be the only prospective buyers.



“It is a good business move as it is prudent to diversify geographically,” said Deven Choksey, managing director of KR Choksey Shares and Securities Pvt. Ltd. “Buying minerals in Australia will be all the more welcome.”This marks another attempt by Coal India to buy

FIXTURES - 12/06/2013

FIXTURES - 12/06/2013







BDI 847 (UP 22) BCI 1427 (UP 48) BPI 808 (UP 31)

BSI 895 (UP 3) BHSI 525 (No change)

Last published BDTI 601 (DOWN 2) BCTI 577 (DOWN 3)





TIMECHARTER



'CMB Pauillac' 2012 95740 dwt dely Caofeidian 16/21 June trip via

E.Australia redel Japan $6000 daily - Japanese charterer

'Fyla' 2013 84104 dwt dely Santos 20/25 June trip redel Southeast

Asia $9000 + $650000 bb - Clipper

'Navios Altair' 2006 83001 dwt dely retro Rotterdam 8 June 2 laden

legs redel Skaw-Cape Passero $8500 daily - cnr

'Tenshin Maru' 2008 82687 dwt dely Hoping ppt trip via EC Australia

redel Japan $6750 daily - Daiichi

'Flora' 2011 82177 dwt dely Visakhapatnam 13/18 June trip via EC

South America redel Singapore-Japan $9500 daily - Louis Dreyfus

'Nord Luna' 2009 77171 dwt -
NYG>

'Angelic Peace' 2001 74764 dwt dely psg Taiwan 11 June trip via

Queensland redel India $6100 daily - Siva

'Bulk Panagea' 1999 73700 dwt dely EC South America 27 June/1 July

trip redel Singapore-Japan $13750 daily $375000 bb - WBC

'Thetis' 1993 73653 dwt dely Stade ppt trip via US Gulf redel

Singapore-Japan $11500 daily - cnr

'Ever Blossom' 1997 72517 dwt dely aps Gladstone end June/ely July

trip redel China $6000 daily + $175000 bb - Oldendorff

'Steel Titan' 1991 65434 dwt dely S.Korea 20/25 June trip via CIS

redel WC India $6300 daily - cnr

'Caly Manx' 2009 58470 dwt dely NC South America spot trip redel

east Mediterrnean $22000 daily - Cargill

'Common Spirit' 2011 57078 dwt dely Karaikal spot trip via Indonesia

redel India approx $7000 daily - cnr

'Akmi' 2003 53806 dwt dely Singapore spot trip via Indonesia redel

full India $11000 daily - D'Amico

'Rook' 2010 37852 dwt dely Pasir Gudang 15/16 June trip via West

Australia redel India $9000 daily - Tongli

'Zina' 2012 33861 dwt dely Kaliningrad 17/19 June trip about 35 days

via Baltic redel Brazil $7000 daily - cnr





PERIOD



'Spring Sunrise' 2013 46947 dwt dely NC South America spot min 75

days trading redel Atlantic approx $14250 daily - WBC





ORE



'TBN' 170000/10 Port Hedland/Qingdao 22/26 June $7.40 fio

scale/30000shinc - Cargill

'Zosco Qingdao' 2011 160000/10 Dampier/Qingdao 23/26 June $7.50 fio

scale/30000shinc - Rio Tinto





COAL



'TBN' 65000/10 Newport News/Jorf Lasfar 16/25 June $12.25 fio

35000shinc/22000shinc - Glencore