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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, 23 June 14
INDONESIAN COAL SWAP FOR Q3 DELIVERY LOST 8.60% Y-O-Y;4.80% M-O-M
COALspot.com: Indonesian coal swaps for average Q3’ 2014 lost on day, week and on month according to AsiaClear OTC coal swap's reports re ...
Monday, 23 June 14
COAL SWAPS DROPS FURTHER MONTH ON MONTH ON WEAK DEMAND
COALspot.com: API 8 CFR South China Coal swaps for average Q3 14 deliveries lost 6.91 percent month on month and closed at US$ 69.00 per mt a ...
Sunday, 22 June 14
THE PANAMAX COAL FREIGHT FROM INDONESIA TO INDIA SLIPPED THIS WEEK
COALspot.com: The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell slightly on Friday ...
Friday, 20 June 14
DRY BULK MARKET LOOKING FOR UPSIDE ON ROBUST SEABORNE IRON ORE TRADE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market hasn’t been able to justify the heightened expectations this year. Yesterday, the Baltic Dry Index managed to inch forwar ...
Friday, 20 June 14
US WEEKLY COAL PRODUCTION DROPS 1.8% WEEK ON WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 18.3 million short tons (mmst) of coal in a ...
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- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Rashtriya Ispat Nigam Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- Formosa Plastics Group - Taiwan
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Toyota Tsusho Corporation, Japan
- Cigading International Bulk Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Latin American Coal - Colombia
- Sree Jayajothi Cements Limited - India
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Bhoruka Overseas - Indonesia
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- Meenaskhi Energy Private Limited - India
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Kideco Jaya Agung - Indonesia
- CIMB Investment Bank - Malaysia
- Energy Link Ltd, New Zealand
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Banpu Public Company Limited - Thailand
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- Samtan Co., Ltd - South Korea
- The University of Queensland
- India Bulls Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
- Mercator Lines Limited - India
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- Australian Coal Association
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- Neyveli Lignite Corporation Ltd, - India
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- Videocon Industries ltd - India
- Meralco Power Generation, Philippines
- Orica Mining Services - Indonesia
- Sarangani Energy Corporation, Philippines
- PTC India Limited - India
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Economic Council, Georgia
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- Rio Tinto Coal - Australia
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Planning Commission, India
- Carbofer General Trading SA - India
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
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