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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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Monday, 30 June 14
WEEKLY CFR SOUTH CHINA COAL SWAPS DECLINE CONTINUES; Q1'15 LOST US$ 4.55 PMT IN A WEEK
COALspot.com: API 8 CFR South China Coal swap for delivery in Q3 fell US$ 5.25 month on month on Friday, dipping under $69 a tone. The CFR South Ch ...
Monday, 30 June 14
INDO - INDIA FREIGHT RATES CONTINUE TO WEAK
COALspot.com: The latest dry Index shows that average all-in spot freight declined, the Panamax and Supramax slipping by 9.11 percent and 4% respec ...
Friday, 27 June 14
DRY BULK MARKET STILL LOOKING FOR UPSIDE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has kept up its lacklustre performance during the past week, as evidenced by the course of the Baltic Dry Index (BDI). The BDI ...
Thursday, 26 June 14
PANAMAX : A PACIFIC ROUND PAYS AROUND US$ 3K DAILY - FEARNLEYS AS
Handy
In the Atlantic there has been little activity which again has caused rates to slip across all trades. TA´s are now down to US$ 5,500 ...
Thursday, 26 June 14
KOMIPO INVITES BIDS FOR TOTAL 750K MT OF BITUMINOUS COAL FOR 3CY
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) has issued a new tender for supply of total 250,000 MT of bituminous co ...
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- Sinarmas Energy and Mining - Indonesia
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- Mintek Dendrill Indonesia
- PTC India Limited - India
- Siam City Cement - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Price Waterhouse Coopers - Russia
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Videocon Industries ltd - India
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- Gujarat Sidhee Cement - India
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Economic Council, Georgia
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- White Energy Company Limited
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Dalmia Cement Bharat India
- Directorate Of Revenue Intelligence - India
- Intertek Mineral Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- GVK Power & Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- Mercator Lines Limited - India
- Vedanta Resources Plc - India
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- Toyota Tsusho Corporation, Japan
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- The University of Queensland
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- Essar Steel Hazira Ltd - India
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
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