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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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Friday, 06 June 14
RICHARDS BAY COAL TERMINAL SHIPPED 4.221 MMT OF COAL TO SOUTHERN ASIAN COUNTRIES IN MAY
COALspot.com: South Africa's Richards Bay Coal Terminal (RBCT) the single largest export coal terminal in the world, shipped 5.58 million tons ...
Thursday, 05 June 14
RBCT SOUTH AFRICA SHIPPED 21% LESS COAL IN APRIL COMPARED TO MARCH EXPORTS
COALspot.com: South Africa's Richards Bay Coal Terminal (RBCT) the single largest export coal terminal in the world, shipped 5.45 million tons ...
Thursday, 05 June 14
PANAMAX : THIS WEEK STARTED IN A SLOW PACE - FEARNLEYS
Handy
After last week's silent and unexciting week we see some more activity this week, especially from the South American market. The rates ...
Thursday, 05 June 14
PORT OF NEWCASTLE SHIPPED 2.91 MMT OF COAL IN THIS PAST WEEK
COALspot.com: The figure constitutes a 4.30 percent higher compared to the previous week, following a week on week decreased of 19.13 percent recor ...
Wednesday, 04 June 14
SKULD: DIVERSIFICATION AND A ROBUST BOTTOM LINE
In February, I was delighted to ring in the new policy year with the Skuld team following a solid renewal round and a strong year. 2013 was, in man ...
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- Latin American Coal - Colombia
- Posco Energy - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- South Luzon Thermal Energy Corporation
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- Borneo Indobara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Australian Coal Association
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- Bulk Trading Sa - Switzerland
- Banpu Public Company Limited - Thailand
- Larsen & Toubro Limited - India
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Dalmia Cement Bharat India
- Minerals Council of Australia
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- Standard Chartered Bank - UAE
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- PTC India Limited - India
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- IHS Mccloskey Coal Group - USA
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Indonesian Coal Mining Association
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- Interocean Group of Companies - India
- Metalloyd Limited - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- PNOC Exploration Corporation - Philippines
- Chamber of Mines of South Africa
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- Videocon Industries ltd - India
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- ASAPP Information Group - India
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- Indian Oil Corporation Limited
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Lanco Infratech Ltd - India
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Anglo American - United Kingdom
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- Mintek Dendrill Indonesia
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Deloitte Consulting - India
- Marubeni Corporation - India
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Salva Resources Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
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