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Wednesday, 18 June 14
MARKET INSIGHT - TIMOS PAPADIMITRIOU
 Back in January the expectations for Q3 and Q4 were more than great. Talks and claims for a rising BDI and a healthy market were coming from everywhere. Almost everyone believed that things were finally starting to look up for a change! Now at the half way mark of the year, it seems that the only reason to look up is to pray for a miracle. The rates are dropping and the order book seems to be rising. “Seems” being a key word here, as we all know that there is a long road between the signing of an LOI and the delivery of a ready ship.
On the asset side, particularly in the panamax sector, buyers are becoming scarce, with less and less superficial inspections compared to three months ago. It’s starting to feel like 2012 all over again, but we have a long way to go on the price front. Sellers are still resisting and as long as there are some buyers willing to inspect and offer now that the competition is minimal, prices will continue to stay buoyant.
On the boxships front and in contrast to the bulk carriers, the panamax segment is showing an upward movement despite the super sizing that has been taking place in this sector. With Panamaxes having seen such relatively cheap rates it didn’t take much from the firming West Africa trade, which has been the main charter employment lately for several panamax and wide beam panamax units and in essence has cleared up some of the excess tonnage that had accumulated in the market. How long will this continue for, is yet to be seen.
And since we started with the panamax, let’s move onto a private equity favourite, namely the LR1. The aggressive demand for modern assets (i.e. 10 year-old or younger) that still trade CPP, have pushed these ships to soar in value, reaching levels in the region of mid USD 20s million. On the other hand, older than 10 year-old ships are valued considerably less. The order book is indeed limited and with the exception of the Navig8 order, the segment could easily be labelled as “forgotten” in the Newbuilding village. Once more, this is also a case in which the freight market does not support these prices, but leaves hints and hopes for better days to come for the CPP vessels.
Looking at the NB prices for each segment, dry bulk Kamsarmaxes experienced an increase close to 15% over the last 14 months. On the container side, there is significant pressure on yards to increase prices due to their increasing operating costs, but at the same time the lack of feedback from owners has kept prices steady for the time being. On the tankers side, a respective Newbuilding rose from USD 40,5 million back in early 2013 up to over USD 47 million almost a year later.
So we have three markets and three “panamaxes” with different characteristics. The work horse of the dry market, which is close to becoming the old horse being put out to pasture, its containership counterpart that has become the new black horse and the forgotten LR1, which is making a comeback for a limited number of players. How are these ships going to hold against the rising orderbooks and the competition from their smaller and/or larger equivalents, it will be very interesting to see.
Analysts:
Mr. George Lazaridis
Ms. Eva Tzima
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.
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Friday, 11 July 14
UNITED STATE'S MONTHLY COAL OUTPUT FALLS 5.53% IN JUNE
COALspot.com – United States the world's second largest coal producer, produced approximately 18.1 million short tons (mmst) of coal in a ...
Thursday, 10 July 14
SGX EXPANDS ACROSS THE BULKS WITH NEW COAL PRODUCTS
COALspot.com: Singapore Exchange (SGX) is expanding its bulk commodity derivatives offering by launching new coking and thermal coal products on 4 ...
Thursday, 10 July 14
HANDY: SMALL INCREASE; PANAMAX: POSITIVE TONE; CAPESIZE: PAPER VALUES REMAIN WEEK
Handy
It is a general increase in activity in both hemispheres whereas rates have just experienced a small increase. In the Feast we see stable a ...
Wednesday, 09 July 14
SHIP INVESTMENTS ARE TRENDING LOWER
Most ship owners are deeming current ship prices on the high side, refraining from making serious commitments in new acquisitions or newbuilding or ...
Wednesday, 09 July 14
INDIAN GOVERNMENT ADVISED POWER UTILITIES TO INCREASE COAL IMPORTS
COALspot.com: The government of India has advised power utilities to increase coal imports to meet fuel shortages and those that have fuel supply p ...
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- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Dalmia Cement Bharat India
- Sinarmas Energy and Mining - Indonesia
- Orica Australia Pty. Ltd.
- Straits Asia Resources Limited - Singapore
- Indonesian Coal Mining Association
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Standard Chartered Bank - UAE
- Sarangani Energy Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- Bukit Makmur.PT - Indonesia
- Malabar Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Parliament of New Zealand
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- Bulk Trading Sa - Switzerland
- Latin American Coal - Colombia
- PTC India Limited - India
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- Sojitz Corporation - Japan
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Attock Cement Pakistan Limited
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- The Treasury - Australian Government
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Australian Coal Association
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- The University of Queensland
- Bhatia International Limited - India
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Energy Development Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- Indian Oil Corporation Limited
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- India Bulls Power Limited - India
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- Aditya Birla Group - India
- Trasteel International SA, Italy
- Oldendorff Carriers - Singapore
- Bhoruka Overseas - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Kalimantan Lumbung Energi - Indonesia
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