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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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Wednesday, 14 May 14
COAL PRICES IN CHINA HAVE DROPPED TO THEIR LOWEST LEVELS SINCE END-2008
COALspot.com: Coal prices in China have dropped to their lowest levels since end-2008, Fitch says in its latest rating report on one of the coal ...
Wednesday, 14 May 14
ALMOST THROUGH THE HALF OF THE YEAR, THE DRY BULK INDEX SHOW SIGNS OF WEAKNESS; CREATING TO BOTH EXISTING SHIP OWNERS AND POTENTIAL INVESTORS A LOT OF INSECURITY - PANOS MAKRINOS
Almost through the half of the year, the overall shipping market and more specifically the Dry Bulk Index show signs of weakness, creating to bo ...
Tuesday, 13 May 14
NPC COAL EXPORT VOLUMES PLUNGE TO 2.48 MMT WEEK ON WEEK
COALspot.com: In the week ended 07:00 hours 12 May 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Quee ...
Tuesday, 13 May 14
YET ANOTHER POSIDONIA EXHIBITION IS ON ITS WAY - INTERMODAL
With less than a month to go before another Posidonia exhibition starts and all the parties and celebrations get under way we thought that it wo ...
Monday, 12 May 14
TAIPOWER TO IMPORT AROUND 1 MMT OF SUB-BITUMINOUS COAL DURING AUGUST 2014 THROUGH NOVEMBER 2014
COALspot.com - Taiwan Power Company intends to procure 1.050 million tons of sub-bituminous coal for Taipower thermal power plant through open t ...
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- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- MS Steel International - UAE
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- Tamil Nadu electricity Board
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- Trasteel International SA, Italy
- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- Bangladesh Power Developement Board
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- Independent Power Producers Association of India
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sakthi Sugars Limited - India
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- Economic Council, Georgia
- Parry Sugars Refinery, India
- Sindya Power Generating Company Private Ltd
- Parliament of New Zealand
- Anglo American - United Kingdom
- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Global Business Power Corporation, Philippines
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Timah Investasi Mineral - Indoneisa
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Borneo Indobara - Indonesia
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Siam City Cement - Thailand
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- Antam Resourcindo - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- PTC India Limited - India
- India Bulls Power Limited - India
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Semirara Mining Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Indika Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- Australian Coal Association
- Sarangani Energy Corporation, Philippines
- Planning Commission, India
- Meralco Power Generation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Kartika Selabumi Mining - Indonesia
- White Energy Company Limited
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- The University of Queensland
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
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