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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, 30 June 14
WEEKLY CFR SOUTH CHINA COAL SWAPS DECLINE CONTINUES; Q1'15 LOST US$ 4.55 PMT IN A WEEK
COALspot.com: API 8 CFR South China Coal swap for delivery in Q3 fell US$ 5.25 month on month on Friday, dipping under $69 a tone. The CFR South Ch ...
Monday, 30 June 14
INDO - INDIA FREIGHT RATES CONTINUE TO WEAK
COALspot.com: The latest dry Index shows that average all-in spot freight declined, the Panamax and Supramax slipping by 9.11 percent and 4% respec ...
Friday, 27 June 14
DRY BULK MARKET STILL LOOKING FOR UPSIDE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has kept up its lacklustre performance during the past week, as evidenced by the course of the Baltic Dry Index (BDI). The BDI ...
Thursday, 26 June 14
PANAMAX : A PACIFIC ROUND PAYS AROUND US$ 3K DAILY - FEARNLEYS AS
Handy
In the Atlantic there has been little activity which again has caused rates to slip across all trades. TA´s are now down to US$ 5,500 ...
Thursday, 26 June 14
KOMIPO INVITES BIDS FOR TOTAL 750K MT OF BITUMINOUS COAL FOR 3CY
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) has issued a new tender for supply of total 250,000 MT of bituminous co ...
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- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Coastal Gujarat Power Limited - India
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- Tamil Nadu electricity Board
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- Planning Commission, India
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- Independent Power Producers Association of India
- Economic Council, Georgia
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- Posco Energy - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- Deloitte Consulting - India
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- Mercator Lines Limited - India
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- The University of Queensland
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- GMR Energy Limited - India
- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- Orica Australia Pty. Ltd.
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Port Waratah Coal Services - Australia
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- Riau Bara Harum - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
- PTC India Limited - India
- The Treasury - Australian Government
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Formosa Plastics Group - Taiwan
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- Bukit Baiduri Energy - Indonesia
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- Therma Luzon, Inc, Philippines
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- Manunggal Multi Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
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