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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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Tuesday, 20 May 14
NEWCASTLE'S COAL EXPORT VOLUME UP 39.11 PERCENT WEEK ON WEEK
COALspot.com: In the week ended 07:00 hours 19 May 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, ...
Tuesday, 20 May 14
DRY BULK MARKET TO IMPROVE OVER THE COURSE OF 2014, BUT OVERSUPPLY STILL AN ISSUE SAYS BIMCO'S CHIEF SHIPPING ANALYST
As a gruelling first quarter edges closer to the end, dry bulk ship owners are looking at an improved second quarter demand, which, coupled with sl ...
Tuesday, 20 May 14
DRY BULK MARKET IS BOUND FOR A RECOVERY CLAIMS PARAGON SHIPPING'S HEAD MICHAEL BODOUROGLOU
The dry bulk market is bound for a recovery in the coming weeks, as the market will be better balanced, said Mr. Michael Bodouroglou, Chairman and ...
Monday, 19 May 14
INDO COAL SWAPS FOR AVERAGE Q3' 2014 DELIVERY LOST ON WEEK AND ON MONTH
COALspot.com: Indonesian coal swaps for average Q3’ 2014 lost on week and on month according to AsiaClear OTC coal swap's reports release ...
Monday, 19 May 14
API 8 CFR SOUTH CHINA COAL LOST 2.49% MONTH ON MONTH
COALspot.com: API 8 CFR South China Coal swaps for average Q3 14 deliveries lost 2.49 percent month on month and closed at US$ 74.35 per mt as on F ...
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- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Savvy Resources Ltd - HongKong
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- IEA Clean Coal Centre - UK
- Central Java Power - Indonesia
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- Siam City Cement - Thailand
- Miang Besar Coal Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Electricity Generating Authority of Thailand
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Eastern Coal Council - USA
- Cigading International Bulk Terminal - Indonesia
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Indogreen Group - Indonesia
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Chamber of Mines of South Africa
- PNOC Exploration Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- Australian Coal Association
- Petron Corporation, Philippines
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
- Price Waterhouse Coopers - Russia
- Thai Mozambique Logistica
- SMC Global Power, Philippines
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- GMR Energy Limited - India
- White Energy Company Limited
- Mercator Lines Limited - India
- SN Aboitiz Power Inc, Philippines
- The Treasury - Australian Government
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- Power Finance Corporation Ltd., India
- Romanian Commodities Exchange
- Parry Sugars Refinery, India
- The University of Queensland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- Sical Logistics Limited - India
- TeaM Sual Corporation - Philippines
- Central Electricity Authority - India
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- ASAPP Information Group - India
- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- India Bulls Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- PowerSource Philippines DevCo
- Carbofer General Trading SA - India
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Jindal Steel & Power Ltd - India
- Globalindo Alam Lestari - Indonesia
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Leighton Contractors Pty Ltd - Australia
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- Economic Council, Georgia
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- Minerals Council of Australia
- Planning Commission, India
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