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