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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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Sunday, 15 June 14
COAL FREIGHT RATES FALL FURTHER ON LACK OF DEMANDS - CAPT. REDDY
COALspot.com: The BDI softened this week as all segments fell this week. The Panamax sector being most affected. The Cape index was down 3.51 pct w ...
Friday, 13 June 14
US COAL PRODUCTION FELL 3% IN WEEK THAT ENDED JUNE 7, SAYS EIA
COALspot.com – United States the world's second largest coal producer, produced approximately 18.6 million short tons (mmst) of coal in a ...
Friday, 13 June 14
DRY BULK MARKET KEEPS ON FALLING, DESPITE RESPITE OF THE CAPESIZE SECTOR - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has kept on its lacklustre performance overall, with the Baltic Dry Index (BDI) still hovering below the 1,000 point mark. Yest ...
Thursday, 12 June 14
INDONESIA SETS HBA FOR MONTH OF JUNE AT US$ 73.64
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia has revised up first time in last four months the coal bench mark price. ...
Thursday, 12 June 14
HANDY : TA MARKET IS CONTINUING SOUTH WITH A DECREASE OF 26% W-O-W
Handy
The week started off with holidays in most European countries and the TA market is continuing south with a decrease of 26% w-o-w. We do see ...
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- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- PTC India Limited - India
- Vedanta Resources Plc - India
- MS Steel International - UAE
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- Commonwealth Bank - Australia
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- PowerSource Philippines DevCo
- GMR Energy Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- Orica Australia Pty. Ltd.
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Sindya Power Generating Company Private Ltd
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- Binh Thuan Hamico - Vietnam
- European Bulk Services B.V. - Netherlands
- Agrawal Coal Company - India
- Meenaskhi Energy Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Renaissance Capital - South Africa
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Singapore Mercantile Exchange
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bahari Cakrawala Sebuku - Indonesia
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Gujarat Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- New Zealand Coal & Carbon
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- Barasentosa Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- Latin American Coal - Colombia
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- The University of Queensland
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- AsiaOL BioFuels Corp., Philippines
- Jindal Steel & Power Ltd - India
- Independent Power Producers Association of India
- The State Trading Corporation of India Ltd
- Edison Trading Spa - Italy
- Siam City Cement - Thailand
- Tata Chemicals Ltd - India
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- Minerals Council of Australia
- Deloitte Consulting - India
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Eastern Coal Council - USA
- Madhucon Powers Ltd - India
- Ind-Barath Power Infra Limited - India
- Ministry of Transport, Egypt
- Eastern Energy - Thailand
- Aditya Birla Group - India
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- SMC Global Power, Philippines
- Trasteel International SA, Italy
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- Thai Mozambique Logistica
- India Bulls Power Limited - India
- Indian Energy Exchange, India
- Krishnapatnam Port Company Ltd. - India
- Bhoruka Overseas - Indonesia
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
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