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