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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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Monday, 07 July 14
RBCT, THE WORLD'S SINGLE LARGEST EXPORT COAL TERMINAL SHIPPED 31.91 MMT OF COAL IN H1 2014
COALspot.com: South Africa's Richards Bay Coal Terminal (RBCT) the world’s single largest export coal terminal, shipped 31.91 million ton ...
Monday, 07 July 14
SOUTH AFRICA'S RICHARDS BAY COAL TERMINAL SHIPPED 12% LESS COAL IN JUNE COMPARED TO MAY EXPORTS
COALspot.com: South Africa's Richards Bay Coal Terminal (RBCT) the world’s single largest export coal terminal, shipped 4.91 million tons ...
Monday, 07 July 14
INDONESIAN SUB-BIT COAL SWAPS FOR Q3 DELIVERY CRASHES THROUGH $ 54.50
COALspot.com: Indonesian coal swaps for average Q3’ 2014 lost on day, week and on month according to AsiaClear OTC coal swap's reports re ...
Monday, 07 July 14
API 8 CFR SOUTH CHINA COAL SWAPS SHOW A DOWNWARD TREND THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for delivery in Q3 drops US$ 5.47 month on month on Friday, dipping under $68 a ton. The CFR South Ch ...
Sunday, 06 July 14
PANAMAX INDEX BEING THE BIGGEST GAINER THIS WEEK; UP 52.75% W-O-W
COALspot.com: This week there was some positive signs in all the sectors. The Panamax index being the biggest gainer this week after losing for sev ...
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- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Indian Energy Exchange, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- Holcim Trading Pte Ltd - Singapore
- Eastern Coal Council - USA
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- Kohat Cement Company Ltd. - Pakistan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Electricity Generating Authority of Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- Renaissance Capital - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- GVK Power & Infra Limited - India
- Standard Chartered Bank - UAE
- The University of Queensland
- Ministry of Transport, Egypt
- Global Coal Blending Company Limited - Australia
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- Independent Power Producers Association of India
- ASAPP Information Group - India
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- Rio Tinto Coal - Australia
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Planning Commission, India
- Parliament of New Zealand
- Posco Energy - South Korea
- Malabar Cements Ltd - India
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- Aditya Birla Group - India
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Mercator Lines Limited - India
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- GMR Energy Limited - India
- Tata Chemicals Ltd - India
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- Sree Jayajothi Cements Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- Power Finance Corporation Ltd., India
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- Cement Manufacturers Association - India
- Madhucon Powers Ltd - India
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- White Energy Company Limited
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Orica Mining Services - Indonesia
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- Australian Commodity Traders Exchange
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Sojitz Corporation - Japan
- Global Green Power PLC Corporation, Philippines
- Marubeni Corporation - India
- Bharathi Cement Corporation - India
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