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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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Sunday, 18 May 14
FREIGHT RATES ARE EXPECTED TO BE FIRM NEXT WEEK
COALspot.com: The freight market was steady with the BDI was closed slightly higher at 1027 points or up 3.00 pct week on week.
The Cape ...
Friday, 16 May 14
KOMIPO IS LOOKING FOR 60K MT OF LOW VOLATILE BITUMINOUS COAL
COALspot.com : Korea Midland Power Co., Ltd. has invited bids through International open bidding for 60,000 Metric Tons (MT) of low volatile bitumi ...
Friday, 16 May 14
U.S. COAL PRODUCTION TOTALED APPROXIMATELY 18.9 MMST
COALspot.com – United States the world's second largest coal producer, produced approximately 18.9 million short tons (mmst) of coal i ...
Thursday, 15 May 14
PANAMAX : SHORT PERIOD UP TO ONE YEAR REPORTED IN THE 12.000-12.500 RANGE - FEARNRESEARCH
Handy
The Supra and handy market seems to be affected by the recent holidays in Singapore which still relatively quiet. There are some Indo / ...
Thursday, 15 May 14
USA COAL CONFERENCE
Press Release: IHS Inc. (NYSE: IHS), the leading global source of information and analysis, will host the Coal USA Conference, June 18-20, 2014, ...
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- Star Paper Mills Limited - India
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- Marubeni Corporation - India
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
- Petron Corporation, Philippines
- Australian Coal Association
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Borneo Indobara - Indonesia
- Timah Investasi Mineral - Indoneisa
- MS Steel International - UAE
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- New Zealand Coal & Carbon
- Global Green Power PLC Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- Semirara Mining Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- The University of Queensland
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- GVK Power & Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
- Coastal Gujarat Power Limited - India
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- Samtan Co., Ltd - South Korea
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- Posco Energy - South Korea
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- Sree Jayajothi Cements Limited - India
- Coalindo Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
- Africa Commodities Group - South Africa
- Indian Energy Exchange, India
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Vedanta Resources Plc - India
- Krishnapatnam Port Company Ltd. - India
- Bukit Makmur.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- White Energy Company Limited
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- Planning Commission, India
- Romanian Commodities Exchange
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- Singapore Mercantile Exchange
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- Pendopo Energi Batubara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- Xindia Steels Limited - India
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
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