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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, 29 April 14
NEWCASTLE SHIPPED 3.03 MILLION TONS WEEK ON WEEK
COALspot.com: In the week ended 07:00 hours 28 April 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensl ...
Tuesday, 29 April 14
Q2 API 8 CFR SOUTH CHINA COAL SWAP LOST 0.29% MONTH ON MONTH
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 deliveries lost 0.29 percent month on month and closed at US$ 75.43 per mt as o ...
Monday, 28 April 14
CHINA LIKELY TO FALL SHORT OF NUCLEAR POWER TARGETS AT 175GW OF CAPACITY BY 2030 - WOOD MACKENZIE
Coal will remain dominant supply at 64% of power mix
Wood Mackenzie forecasts that China will not meet its environmentally-driven, government ...
Sunday, 27 April 14
INDONESIA TO INDIA FREIGHT RATES ARE EXPECTED TO BE STEADY NEXT WEEK
COALspot.com: The freight market seems to have bottomed out and saw some marginal gains in all segments, said Capt. Reddy of Vistaar Shipping In ...
Friday, 25 April 14
US PRODUCED APPROXIMATELY 19 MILLION SHORT TONS OF COAL IN A WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 19.0 million short tons (mmst) of coal i ...
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- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Kaltim Prima Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- IHS Mccloskey Coal Group - USA
- Latin American Coal - Colombia
- PTC India Limited - India
- Indogreen Group - Indonesia
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Electricity Authority, New Zealand
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Singapore Mercantile Exchange
- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- Economic Council, Georgia
- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- Coal and Oil Company - UAE
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- Krishnapatnam Port Company Ltd. - India
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- The State Trading Corporation of India Ltd
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- MS Steel International - UAE
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- Ministry of Mines - Canada
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Energy Development Corp, Philippines
- IEA Clean Coal Centre - UK
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- India Bulls Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
- Kepco SPC Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- Posco Energy - South Korea
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Petron Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Romanian Commodities Exchange
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- Wood Mackenzie - Singapore
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- Kumho Petrochemical, South Korea
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- Planning Commission, India
- White Energy Company Limited
- Xindia Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- Central Electricity Authority - India
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- GVK Power & Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Barasentosa Lestari - Indonesia
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- McConnell Dowell - Australia
- SMG Consultants - Indonesia
- Kartika Selabumi Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
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