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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, 12 June 14
CONSOLIDATION IS THE ' NAME OF THE GAME' WHEN IT COMES TO SHIPYARDS ACROSS ASIA - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Intense competition, a swelling of new greenfield shipyards over the past few years mainly in China, especially prior to the 2008 global financial ...
Wednesday, 11 June 14
INDONESIA'S COAL EXPORT VOLUME AND REVENUE SLIPS 2.75% AND 6.73% RESPECTIVELY IN APRIL
COALspot.com: Indonesia, one of the world's largest coal producer and the global largest multi grade coal exporter shipped around $1.8* b ...
Wednesday, 11 June 14
BPI TOUCHING A NEW LOW FOR THE YEAR
The Dry Bulk market closed off the week positively, on the back of firming Capesize rates, while the market overall continues to face a very challe ...
Monday, 09 June 14
GOVT GETS TOUGH ON ILLEGAL MINING, SUSPENDS LICENSES - THE JAKARTA POST
The government has temporarily suspended the licenses of 62 mineral and coal transportation companies as part of its efforts to curb illegal mining ...
Monday, 09 June 14
INDO SUB-BIT COAL SWAPS FOR Q3,Q4 OF 2014 AND Q1 2015: LOST ON DAY AND MONTH
COALspot.com: Indonesian coal swaps for average Q3’ 2014 continue last week’s trend or lost on day, week and on month according to Asia ...
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Showing 3661 to 3665 news of total 6871 |
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- Manunggal Multi Energi - Indonesia
- The State Trading Corporation of India Ltd
- Asmin Koalindo Tuhup - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- Makarim & Taira - Indonesia
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Georgia Ports Authority, United States
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- London Commodity Brokers - England
- Standard Chartered Bank - UAE
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Borneo Indobara - Indonesia
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- Kartika Selabumi Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
- MS Steel International - UAE
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- Toyota Tsusho Corporation, Japan
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- Metalloyd Limited - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- Coastal Gujarat Power Limited - India
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- CNBM International Corporation - China
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- The Treasury - Australian Government
- Interocean Group of Companies - India
- Mintek Dendrill Indonesia
- Mercator Lines Limited - India
- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- Madhucon Powers Ltd - India
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- Sakthi Sugars Limited - India
- Planning Commission, India
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- Latin American Coal - Colombia
- OPG Power Generation Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- Cigading International Bulk Terminal - Indonesia
- Independent Power Producers Association of India
- Australian Coal Association
- Sojitz Corporation - Japan
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- Sical Logistics Limited - India
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