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