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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, 23 May 14
DRY BULK NEWBUILDING CANCELLATIONS COULD HELP SUPPORT MARKET IN THE COMING WEEKS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market's demise over the past few months maybe has come as a surprise to many, but analysts and shipbrokers are looking forward to ...
Thursday, 22 May 14
HEAR SUCCESSFUL CASE STUDIES FROM 10 INDEPENDENT UNCONVENTIONAL GAS OPERATORS
Unconventional Gas Asia 2014 will provide a unique opportunity for Asia’s unconventional gas leaders to share their experience and expertise ...
Thursday, 22 May 14
CNPC-GAZPROM DEAL A MEDIUM - TERM POSITIVE FOR CHINA'S GAS SECTOR
Fitch Ratings says a 30-year deal in which Russia's OAO Gazprom (BBB/Negative) will supply gas to China National Petroleum Corporation (CNPC; A ...
Thursday, 22 May 14
CAPESIZE : RATES ARE STILL UNDER PRESSURE
Handy
A quiet start into the week in Far East, some fresh Indonesian coal order in the market. For trips within S.E. Asia, Supras are trading aro ...
Wednesday, 21 May 14
SHIPPING: MARKET INSIGHT - GEORGE LAZARIDIS
The recent revision by the OECD of its global growth forecast has sparked a debate as to the potential outcome these new figures will have on seabo ...
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- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- MS Steel International - UAE
- Heidelberg Cement - Germany
- Altura Mining Limited, Indonesia
- Eastern Coal Council - USA
- Minerals Council of Australia
- CNBM International Corporation - China
- Thai Mozambique Logistica
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- CIMB Investment Bank - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- Attock Cement Pakistan Limited
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Indian Energy Exchange, India
- Planning Commission, India
- GAC Shipping (India) Pvt Ltd
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- Interocean Group of Companies - India
- Kepco SPC Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- ICICI Bank Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Energy - Thailand
- Bhatia International Limited - India
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Sical Logistics Limited - India
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- Videocon Industries ltd - India
- Aditya Birla Group - India
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Parry Sugars Refinery, India
- Australian Coal Association
- Aboitiz Power Corporation - Philippines
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- White Energy Company Limited
- Sinarmas Energy and Mining - Indonesia
- Indika Energy - Indonesia
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- Semirara Mining Corp, Philippines
- PTC India Limited - India
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bangladesh Power Developement Board
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- SN Aboitiz Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
- The University of Queensland
- Standard Chartered Bank - UAE
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- Energy Link Ltd, New Zealand
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Carbofer General Trading SA - India
- Trasteel International SA, Italy
- San Jose City I Power Corp, Philippines
- Cement Manufacturers Association - India
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