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