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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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Monday, 09 June 14
API 8 CFR SOUTH CHINA COAL SWAP Q3 14 DELIVERIES LOST 4.61% M-O-M
COALspot.com: API 8 CFR South China Coal swaps for average Q3 14 deliveries lost 4.61 percent month on month and closed at US$ 71.62 per mt a ...
Sunday, 08 June 14
DRY BULK MARKET RATES FOR PANAMXES TO REMAIN VOLATILE; NO IMPROVEMENTS SEEN OVER THE WEEK
COALspot.com: Cape index increase pushes BDI index to 989 points week on week. The BDI firmed up by 5.88 pct and closed at 989 points week ended 6 ...
Saturday, 07 June 14
EVERYTHING CHANGES, AND NOTHING ABIDES - HERACLITUS
A couple of weeks ago, and while everyone was focusing on the struggling freight market, Russia and China made history by signing a three-decade lo ...
Saturday, 07 June 14
FIRST BITE AT ANTI-CORRUPTION CLAUSE - BIMCO
In recent years a number of countries have introduced anti-corruption legislation which, unfortunately, fails to recognise the practical implicatio ...
Saturday, 07 June 14
U.S. MONTHLY COAL PRODUCTION SLIGHTLY HIGHER IN MAY 2014
COALspot.com – United States the world's second largest coal producer, produced approximately 19.2 million short tons (mmst) of coal in a ...
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coalindo Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- Eastern Energy - Thailand
- Wilmar Investment Holdings
- Parliament of New Zealand
- Deloitte Consulting - India
- Kohat Cement Company Ltd. - Pakistan
- Malabar Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
- IEA Clean Coal Centre - UK
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- OPG Power Generation Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Savvy Resources Ltd - HongKong
- White Energy Company Limited
- Cement Manufacturers Association - India
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- Vedanta Resources Plc - India
- GVK Power & Infra Limited - India
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- Interocean Group of Companies - India
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Uttam Galva Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Electricity Authority, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- New Zealand Coal & Carbon
- Medco Energi Mining Internasional
- PTC India Limited - India
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- Bhatia International Limited - India
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- Chamber of Mines of South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- Xindia Steels Limited - India
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- The University of Queensland
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
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