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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, 19 June 14
PANAMAX: VERY CLOSE TO BREAKING THE ALL TIME LOW RECORD - FEARNLEYS AS
Handy
The Supra-Handy market is experiencing the same market slow down as its bigger sister markets however not to the same extent. We see TA rat ...
Wednesday, 18 June 14
CHINESE STEEL PRODUCTION SETS RECORD DURING FIRST TEN DAYS OF JUNE - COMMODORE RESEARCH & CONSULTANCY
Recently released data shows that average daily crude steel production at China's key steel mills hit a record high of 1.833 million tons durin ...
Tuesday, 17 June 14
DRY BULK FREIGHT RATES TO RISE DURING THE SECOND HALF OF 2014, AS CHINA IS EXPECTED TO START IMPORTING MORE IRON ORE FROM BRAZIL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
In its latest analysis of the dry bulk market, BIMCO said that it doesn’t expect freight rates to react significantly to increased demand bef ...
Monday, 16 June 14
INDONESIAN COAL SWAPS FOR Q3 DELIVERY FALL 2.34 % MONTH ON MONTH
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, 16 June 14
API 8 CFR SOUTH CHINA COAL SWAPS FALL CONTINUES THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swaps for average Q3 14 deliveries lost 4.34 percent month on month and closed at US$ 71.05 per mt a ...
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Showing 3651 to 3655 news of total 6871 |
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- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- VISA Power Limited - India
- Mercuria Energy - Indonesia
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- PTC India Limited - India
- Madhucon Powers Ltd - India
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- The State Trading Corporation of India Ltd
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- Ministry of Finance - Indonesia
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Krishnapatnam Port Company Ltd. - India
- Bangladesh Power Developement Board
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- Siam City Cement PLC, Thailand
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- Parliament of New Zealand
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- San Jose City I Power Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Baramulti Group, Indonesia
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- Global Business Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- ASAPP Information Group - India
- Posco Energy - South Korea
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- Ind-Barath Power Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- Planning Commission, India
- Eastern Coal Council - USA
- Karbindo Abesyapradhi - Indoneisa
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- Marubeni Corporation - India
- Deloitte Consulting - India
- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
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