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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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- GVK Power & Infra Limited - India
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- Bhatia International Limited - India
- Latin American Coal - Colombia
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- Electricity Authority, New Zealand
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- Metalloyd Limited - United Kingdom
- Anglo American - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Samtan Co., Ltd - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- Grasim Industreis Ltd - India
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- The University of Queensland
- Interocean Group of Companies - India
- GMR Energy Limited - India
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Cement Manufacturers Association - India
- IHS Mccloskey Coal Group - USA
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- Coalindo Energy - Indonesia
- CNBM International Corporation - China
- Riau Bara Harum - Indonesia
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- White Energy Company Limited
- Essar Steel Hazira Ltd - India
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- Aboitiz Power Corporation - Philippines
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
- Trasteel International SA, Italy
- Economic Council, Georgia
- Agrawal Coal Company - India
- Vedanta Resources Plc - India
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- Banpu Public Company Limited - Thailand
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- Manunggal Multi Energi - Indonesia
- Australian Coal Association
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- CIMB Investment Bank - Malaysia
- VISA Power Limited - India
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Energy Link Ltd, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- Jaiprakash Power Ventures ltd
- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- Global Green Power PLC Corporation, Philippines
- Georgia Ports Authority, United States
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- Aditya Birla Group - India
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- AsiaOL BioFuels Corp., Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- Kapuas Tunggal Persada - Indonesia
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
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