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