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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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Sunday, 15 June 14
COAL FREIGHT RATES FALL FURTHER ON LACK OF DEMANDS - CAPT. REDDY
COALspot.com: The BDI softened this week as all segments fell this week. The Panamax sector being most affected. The Cape index was down 3.51 pct w ...
Friday, 13 June 14
US COAL PRODUCTION FELL 3% IN WEEK THAT ENDED JUNE 7, SAYS EIA
COALspot.com – United States the world's second largest coal producer, produced approximately 18.6 million short tons (mmst) of coal in a ...
Friday, 13 June 14
DRY BULK MARKET KEEPS ON FALLING, DESPITE RESPITE OF THE CAPESIZE SECTOR - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has kept on its lacklustre performance overall, with the Baltic Dry Index (BDI) still hovering below the 1,000 point mark. Yest ...
Thursday, 12 June 14
INDONESIA SETS HBA FOR MONTH OF JUNE AT US$ 73.64
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia has revised up first time in last four months the coal bench mark price. ...
Thursday, 12 June 14
HANDY : TA MARKET IS CONTINUING SOUTH WITH A DECREASE OF 26% W-O-W
Handy
The week started off with holidays in most European countries and the TA market is continuing south with a decrease of 26% w-o-w. We do see ...
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- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- PTC India Limited - India
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Baramulti Group, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Electricity Authority - India
- Georgia Ports Authority, United States
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- Australian Commodity Traders Exchange
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- Bangladesh Power Developement Board
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- White Energy Company Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Power Finance Corporation Ltd., India
- The University of Queensland
- ASAPP Information Group - India
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Coalindo Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Ministry of Transport, Egypt
- Ind-Barath Power Infra Limited - India
- Orica Australia Pty. Ltd.
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meenaskhi Energy Private Limited - India
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- GMR Energy Limited - India
- Banpu Public Company Limited - Thailand
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- Wilmar Investment Holdings
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- Chettinad Cement Corporation Ltd - India
- Thai Mozambique Logistica
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- TeaM Sual Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- SN Aboitiz Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
- Mjunction Services Limited - India
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Salva Resources Pvt Ltd - India
- Oldendorff Carriers - Singapore
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
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