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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, 02 June 14
SUB-BIT FOB INDONESIA COAL SWAPS LOST GROUND THIS WEEK
COALspot.com: Indonesian coal swaps for average Q3’ 2014 lost on day, week and on month according to AsiaClear OTC coal swap's reports re ...
Monday, 02 June 14
SOUTH CHINA COAL SWAP WAS SHOWING A POSITIVE MOVE IN Q4, INSTEAD OF THIS WEEK'S WEAK TREND
COALspot.com: API 8 CFR South China Coal swaps for average Q3 14 deliveries lost 3.39 percent month on month and closed at US$ 72.65 per mt as on F ...
Sunday, 01 June 14
INDO - INDIA SUPRMAX FREIGHT RATES CONTINUED TO DOWN THIS WEEK
COALspot.com: The freight market was soft this past week as all sectors soften particularly Panamax index was lost 129 points or 12.88% week on wee ...
Friday, 30 May 14
CLEAN COAL PROCESSING & CONVERSION ASIA SUMMIT 2014
Clean Coal Processing & Conversion Asia Summit 2014 will be held on Nov 20-21st, 2014 in Jakarta, Indonesia.
With the cooperation of ...
Friday, 30 May 14
US COAL PRODUCTION RELATIVELY FLAT WEEK ON WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 18.6 million short tons (mmst) of coal in a ...
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- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- Xindia Steels Limited - India
- Minerals Council of Australia
- VISA Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Bhushan Steel Limited - India
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Kideco Jaya Agung - Indonesia
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- Australian Coal Association
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- South Luzon Thermal Energy Corporation
- Sindya Power Generating Company Private Ltd
- Heidelberg Cement - Germany
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- Kartika Selabumi Mining - Indonesia
- Parry Sugars Refinery, India
- Thiess Contractors Indonesia
- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- Singapore Mercantile Exchange
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- Siam City Cement - Thailand
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- Altura Mining Limited, Indonesia
- Rio Tinto Coal - Australia
- PetroVietnam Power Coal Import and Supply Company
- Goldman Sachs - Singapore
- Standard Chartered Bank - UAE
- Renaissance Capital - South Africa
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- Carbofer General Trading SA - India
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- Merrill Lynch Commodities Europe
- GMR Energy Limited - India
- Thai Mozambique Logistica
- Sinarmas Energy and Mining - Indonesia
- The University of Queensland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- Savvy Resources Ltd - HongKong
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- Indogreen Group - Indonesia
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Salva Resources Pvt Ltd - India
- Economic Council, Georgia
- Ministry of Transport, Egypt
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- Semirara Mining and Power Corporation, Philippines
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