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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, 12 June 14
CONSOLIDATION IS THE ' NAME OF THE GAME' WHEN IT COMES TO SHIPYARDS ACROSS ASIA - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Intense competition, a swelling of new greenfield shipyards over the past few years mainly in China, especially prior to the 2008 global financial ...
Wednesday, 11 June 14
INDONESIA'S COAL EXPORT VOLUME AND REVENUE SLIPS 2.75% AND 6.73% RESPECTIVELY IN APRIL
COALspot.com: Indonesia, one of the world's largest coal producer and the global largest multi grade coal exporter shipped around $1.8* b ...
Wednesday, 11 June 14
BPI TOUCHING A NEW LOW FOR THE YEAR
The Dry Bulk market closed off the week positively, on the back of firming Capesize rates, while the market overall continues to face a very challe ...
Monday, 09 June 14
GOVT GETS TOUGH ON ILLEGAL MINING, SUSPENDS LICENSES - THE JAKARTA POST
The government has temporarily suspended the licenses of 62 mineral and coal transportation companies as part of its efforts to curb illegal mining ...
Monday, 09 June 14
INDO SUB-BIT COAL SWAPS FOR Q3,Q4 OF 2014 AND Q1 2015: LOST ON DAY AND MONTH
COALspot.com: Indonesian coal swaps for average Q3’ 2014 continue last week’s trend or lost on day, week and on month according to Asia ...
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- Standard Chartered Bank - UAE
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Trasteel International SA, Italy
- PTC India Limited - India
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- White Energy Company Limited
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- Agrawal Coal Company - India
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- Kaltim Prima Coal - Indonesia
- ASAPP Information Group - India
- Krishnapatnam Port Company Ltd. - India
- Sree Jayajothi Cements Limited - India
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- Deloitte Consulting - India
- McConnell Dowell - Australia
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- San Jose City I Power Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- Ind-Barath Power Infra Limited - India
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- Maheswari Brothers Coal Limited - India
- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- Orica Australia Pty. Ltd.
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercuria Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- Eastern Energy - Thailand
- VISA Power Limited - India
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- Kideco Jaya Agung - Indonesia
- Australian Commodity Traders Exchange
- Kumho Petrochemical, South Korea
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
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