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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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Thursday, 26 June 14
COAL DIVESTMENT CAMPAIGNS COME WITH RISKY UNINTENDED CONSEQUENCES - WCA
Last week I presented to the Expert Group on investments in coal and petroleum companies, the body set up to advise the Norwegian Government on whe ...
Wednesday, 25 June 14
INDONESIAN COAL EXPORTS ON RISE; EARNINGS FALL ON LOWER SELLING PRICES
COALspot.com: Indonesia, one of the world's largest coal producer and the global largest multi grade coal exporter shipped around $1.84* ...
Wednesday, 25 June 14
THE PANAMAX MARKET REACHED FRESH LOWS FOR THE YEAR, SAYS INTERMODAL
COALspot.com: The Dry Bulk market closed off the week noting a slight decrease, but this image of stability is merely representative of freight rat ...
Wednesday, 25 June 14
SHIPPING: MARKET INSIGHT - YANNIS OLZIERSKY
During his recent visit in London, China's Premier, Li Keqiang, announced that China's economy, the world's second largest after the US ...
Tuesday, 24 June 14
INDONESIAN COAL MINER TARGETS RP 313 BILLION IPO
COALspot.com: Indonesian coal miner PT Mitrabara Adiperdana is aiming to raise up to Rp 313 billion to Rp 368 billion (approximately $26.133 millio ...
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- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- Central Java Power - Indonesia
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- Wilmar Investment Holdings
- Parliament of New Zealand
- White Energy Company Limited
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Australian Commodity Traders Exchange
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- CIMB Investment Bank - Malaysia
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Economic Council, Georgia
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- The University of Queensland
- Indian Oil Corporation Limited
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- PTC India Limited - India
- Kumho Petrochemical, South Korea
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- Formosa Plastics Group - Taiwan
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- SN Aboitiz Power Inc, Philippines
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- Bangladesh Power Developement Board
- Global Green Power PLC Corporation, Philippines
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- Altura Mining Limited, Indonesia
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- Eastern Coal Council - USA
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Therma Luzon, Inc, Philippines
- IEA Clean Coal Centre - UK
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
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