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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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Wednesday, 02 July 14
THE PANAMAX MARKET CONTINUED TO BLEED FOR ANOTHER WEEK - INTERMODAL
COALspot.com: The Dry Bulk market succumbed to mounting pressure this past week, while the Capesize market proved unable to “save the day&rdq ...
Wednesday, 02 July 14
HANDY BULKERS PROVE TO BE THE MOST SOUGHT AFTER VESSELS OVER THE PAST WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The Handy dry bulker proved to be the most sought after ship by ship owners active in the second hand market, which saw a slight decline in terms o ...
Wednesday, 02 July 14
SHIPPING: MARKET INSIGHT - GEORGE DERMATIS
After 6 months, 57 ministerial meetings and 67 political agreements, the journey of the Greek Presidency in the EU reached its end yesterday; only ...
Tuesday, 01 July 14
INDIAN POWER PLANT COAL STOCKPILES VERY LOW
COALspot.com: According to today's Weekly Dry Bulk Report published by Commodore Research, Indian power plant coal stockpiles have now fallen t ...
Monday, 30 June 14
SUB-BIT FOB INDONESIA COAL PRICES ARE STILL STRUGGLING TO RECOVER
COALspot.com: Indonesian coal swaps for average Q3’ 2014 lost on week and on month according to AsiaClear OTC coal swap's reports release ...
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- Banpu Public Company Limited - Thailand
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Parliament of New Zealand
- India Bulls Power Limited - India
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Meralco Power Generation, Philippines
- Manunggal Multi Energi - Indonesia
- Deloitte Consulting - India
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- Jindal Steel & Power Ltd - India
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- Aboitiz Power Corporation - Philippines
- Singapore Mercantile Exchange
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Aditya Birla Group - India
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- Kumho Petrochemical, South Korea
- Planning Commission, India
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- VISA Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Pendopo Energi Batubara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- Price Waterhouse Coopers - Russia
- GMR Energy Limited - India
- Bhatia International Limited - India
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- ASAPP Information Group - India
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Marubeni Corporation - India
- Petron Corporation, Philippines
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- Kartika Selabumi Mining - Indonesia
- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- CIMB Investment Bank - Malaysia
- Australian Coal Association
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- Minerals Council of Australia
- Global Green Power PLC Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Directorate General of MIneral and Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Economic Council, Georgia
- Directorate Of Revenue Intelligence - India
- The University of Queensland
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Neyveli Lignite Corporation Ltd, - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Indian Energy Exchange, India
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- Rashtriya Ispat Nigam Limited - India
- Medco Energi Mining Internasional
- PTC India Limited - India
- SMC Global Power, Philippines
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Ambuja Cements Ltd - India
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Central Java Power - Indonesia
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Miang Besar Coal Terminal - Indonesia
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Savvy Resources Ltd - HongKong
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Sindya Power Generating Company Private Ltd
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- Grasim Industreis Ltd - India
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
- PNOC Exploration Corporation - Philippines
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