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