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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, 19 June 14
PANAMAX: VERY CLOSE TO BREAKING THE ALL TIME LOW RECORD - FEARNLEYS AS
Handy
The Supra-Handy market is experiencing the same market slow down as its bigger sister markets however not to the same extent. We see TA rat ...
Wednesday, 18 June 14
CHINESE STEEL PRODUCTION SETS RECORD DURING FIRST TEN DAYS OF JUNE - COMMODORE RESEARCH & CONSULTANCY
Recently released data shows that average daily crude steel production at China's key steel mills hit a record high of 1.833 million tons durin ...
Tuesday, 17 June 14
DRY BULK FREIGHT RATES TO RISE DURING THE SECOND HALF OF 2014, AS CHINA IS EXPECTED TO START IMPORTING MORE IRON ORE FROM BRAZIL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
In its latest analysis of the dry bulk market, BIMCO said that it doesn’t expect freight rates to react significantly to increased demand bef ...
Monday, 16 June 14
INDONESIAN COAL SWAPS FOR Q3 DELIVERY FALL 2.34 % MONTH ON MONTH
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, 16 June 14
API 8 CFR SOUTH CHINA COAL SWAPS FALL CONTINUES THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swaps for average Q3 14 deliveries lost 4.34 percent month on month and closed at US$ 71.05 per mt a ...
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Showing 3651 to 3655 news of total 6871 |
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- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- Essar Steel Hazira Ltd - India
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Formosa Plastics Group - Taiwan
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- Minerals Council of Australia
- Chamber of Mines of South Africa
- White Energy Company Limited
- Georgia Ports Authority, United States
- McConnell Dowell - Australia
- Agrawal Coal Company - India
- Global Business Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- Bhatia International Limited - India
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Romanian Commodities Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- Renaissance Capital - South Africa
- Vedanta Resources Plc - India
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- VISA Power Limited - India
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Savvy Resources Ltd - HongKong
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Medco Energi Mining Internasional
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Planning Commission, India
- ASAPP Information Group - India
- The Treasury - Australian Government
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Carbofer General Trading SA - India
- Coalindo Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Orica Australia Pty. Ltd.
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Neyveli Lignite Corporation Ltd, - India
- Deloitte Consulting - India
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Binh Thuan Hamico - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- PTC India Limited - India
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- The University of Queensland
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Star Paper Mills Limited - India
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cigading International Bulk Terminal - Indonesia
- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Economic Council, Georgia
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- Siam City Cement PLC, Thailand
- The State Trading Corporation of India Ltd
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- Bhoruka Overseas - Indonesia
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- ICICI Bank Limited - India
- TeaM Sual Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
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