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