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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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Thursday, 08 May 14
INDONESIAN COAL PRICE REFERENCE IN MAY CRASHES THROUGH $74
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia has revised down again the coal bench mark price by US$ 1.21 / MT to ...
Wednesday, 07 May 14
THE DRY BULK MARKET HAS NOTED ANOTHER WEEKLY POSITIVE GAIN
Chartering (Wet: Softer- / Dry: Stable+)
The Dry Bulk market has noted another weekly positive gain, driven by the Capesize segment, but we ne ...
Wednesday, 07 May 14
SGX ENHANCES ITS COMMODITIES PRODUCT OFFERING
COALspot.com: SGX is building up its bulk commodity product offerings with 9 more derivative contracts over the next 2 months, subject to regula ...
Tuesday, 06 May 14
NEWCASTLE COAL EXPORT SLIPS 7.92% WEEK ON WEEK
COALspot.com: In the week ended 07:00 hours 5 May 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland ...
Monday, 05 May 14
HUANENG CLEAN ENERGY RESEARCH INSTITUTE HAS CONFIRMED TO SPEAK AT CCF2014
Press Release: Produced by CDMC Events, The 13th Clean Coal Forum 2014 will be held on June 12,13, 2014 in Beijing, China. We are glad to invite ...
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- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- Port Waratah Coal Services - Australia
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- Planning Commission, India
- Directorate General of MIneral and Coal - Indonesia
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- McConnell Dowell - Australia
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Jindal Steel & Power Ltd - India
- Singapore Mercantile Exchange
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Australian Coal Association
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Antam Resourcindo - Indonesia
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- ICICI Bank Limited - India
- Globalindo Alam Lestari - Indonesia
- Goldman Sachs - Singapore
- Maheswari Brothers Coal Limited - India
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Independent Power Producers Association of India
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- Thiess Contractors Indonesia
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- Deloitte Consulting - India
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- Indogreen Group - Indonesia
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Agrawal Coal Company - India
- Mintek Dendrill Indonesia
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- Renaissance Capital - South Africa
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- Intertek Mineral Services - Indonesia
- CNBM International Corporation - China
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Sical Logistics Limited - India
- Gujarat Sidhee Cement - India
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
- Global Green Power PLC Corporation, Philippines
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- Parliament of New Zealand
- Billiton Holdings Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- Thai Mozambique Logistica
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- Global Business Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- Timah Investasi Mineral - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- Uttam Galva Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Petron Corporation, Philippines
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- Malabar Cements Ltd - India
- Kumho Petrochemical, South Korea
- LBH Netherlands Bv - Netherlands
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