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