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