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