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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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- Cement Manufacturers Association - India
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- New Zealand Coal & Carbon
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- Antam Resourcindo - Indonesia
- Meralco Power Generation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Thai Mozambique Logistica
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- Borneo Indobara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- Minerals Council of Australia
- PowerSource Philippines DevCo
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- Mercuria Energy - Indonesia
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- Dalmia Cement Bharat India
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Indian Energy Exchange, India
- Eastern Energy - Thailand
- Siam City Cement PLC, Thailand
- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Agrawal Coal Company - India
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- London Commodity Brokers - England
- Trasteel International SA, Italy
- International Coal Ventures Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- Kumho Petrochemical, South Korea
- Port Waratah Coal Services - Australia
- PNOC Exploration Corporation - Philippines
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- CIMB Investment Bank - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Jindal Steel & Power Ltd - India
- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- Makarim & Taira - Indonesia
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- Orica Australia Pty. Ltd.
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- Grasim Industreis Ltd - India
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- Singapore Mercantile Exchange
- Electricity Authority, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Bayan Resources Tbk. - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- Mercator Lines Limited - India
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
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