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