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