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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, 23 June 14
INDONESIAN COAL SWAP FOR Q3 DELIVERY LOST 8.60% Y-O-Y;4.80% M-O-M
COALspot.com: Indonesian coal swaps for average Q3’ 2014 lost on day, week and on month according to AsiaClear OTC coal swap's reports re ...
Monday, 23 June 14
COAL SWAPS DROPS FURTHER MONTH ON MONTH ON WEAK DEMAND
COALspot.com: API 8 CFR South China Coal swaps for average Q3 14 deliveries lost 6.91 percent month on month and closed at US$ 69.00 per mt a ...
Sunday, 22 June 14
THE PANAMAX COAL FREIGHT FROM INDONESIA TO INDIA SLIPPED THIS WEEK
COALspot.com: The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell slightly on Friday ...
Friday, 20 June 14
DRY BULK MARKET LOOKING FOR UPSIDE ON ROBUST SEABORNE IRON ORE TRADE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market hasn’t been able to justify the heightened expectations this year. Yesterday, the Baltic Dry Index managed to inch forwar ...
Friday, 20 June 14
US WEEKLY COAL PRODUCTION DROPS 1.8% WEEK ON WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 18.3 million short tons (mmst) of coal in a ...
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- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- Eastern Coal Council - USA
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- TeaM Sual Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Timah Investasi Mineral - Indoneisa
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- India Bulls Power Limited - India
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- Lanco Infratech Ltd - India
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- Africa Commodities Group - South Africa
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- CNBM International Corporation - China
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- The Treasury - Australian Government
- The University of Queensland
- Marubeni Corporation - India
- Kartika Selabumi Mining - Indonesia
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- GAC Shipping (India) Pvt Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- Simpson Spence & Young - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- Indonesian Coal Mining Association
- Ministry of Transport, Egypt
- Minerals Council of Australia
- Dalmia Cement Bharat India
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- Bharathi Cement Corporation - India
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Singapore Mercantile Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- Central Java Power - Indonesia
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- Indian Oil Corporation Limited
- White Energy Company Limited
- VISA Power Limited - India
- Mercuria Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- Bhatia International Limited - India
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- Metalloyd Limited - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- Renaissance Capital - South Africa
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- GMR Energy Limited - India
- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- ASAPP Information Group - India
- Antam Resourcindo - Indonesia
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