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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, 04 July 14
US: WEEKLY COAL PRODUCTION SLIGHTLY UP W-O-W
COALspot.com – United States the world's second largest coal producer, produced approximately 19.4 million short tons (mmst) of coa ...
Friday, 04 July 14
PARAM MITRA COAL RESOURCES SECURES US$ 7.5M INVESTMENT FROM TEMBUSU PARTNERS
Param Mitra Coal Resources Pte Ltd (“PMCR”), which owns two operating coal mines in Indonesia, has secured from Singapore private equit ...
Thursday, 03 July 14
BUMI TRANSFERS 19% OF KPC STAKE VALUED AT US$ 950 MILLION TO CIC
COALspot.com: PT. Bumi Resources announces that 19% of its holdings in Kaltim Prima Coal (KPC), valued at US$ 950 million, has been transferred to ...
Thursday, 03 July 14
PANAMAX : IN THE ATLANTIC, OWNERS ARE WILLING TO FIX AT ABOUT $2.5K PER DAY - FEARNEYS
Handy
In its latest weekly report, shipbroker Fearneys noted that, this week seems to have been more of a wait and see game between owners and ch ...
Wednesday, 02 July 14
NEWMONT FILES FOR INTERNATIONAL ARBITRATION ON ORE EXPORT BAN - THE JAKARTA POST
PT Newmont Nusa Tenggara (NNT), a subsidiary of United States-based Newmont Corporation, has filed for international arbitration against the govern ...
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- Global Coal Blending Company Limited - Australia
- London Commodity Brokers - England
- Metalloyd Limited - United Kingdom
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- Xindia Steels Limited - India
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- Kumho Petrochemical, South Korea
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- CNBM International Corporation - China
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- Australian Coal Association
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- ASAPP Information Group - India
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- SMC Global Power, Philippines
- Straits Asia Resources Limited - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- LBH Netherlands Bv - Netherlands
- SMG Consultants - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- Karaikal Port Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Mercator Lines Limited - India
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Sical Logistics Limited - India
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- Parliament of New Zealand
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- Agrawal Coal Company - India
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Deloitte Consulting - India
- Indika Energy - Indonesia
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- India Bulls Power Limited - India
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Baramulti Group, Indonesia
- Chamber of Mines of South Africa
- Toyota Tsusho Corporation, Japan
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- Energy Development Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
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