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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, 09 June 14
API 8 CFR SOUTH CHINA COAL SWAP Q3 14 DELIVERIES LOST 4.61% M-O-M
COALspot.com: API 8 CFR South China Coal swaps for average Q3 14 deliveries lost 4.61 percent month on month and closed at US$ 71.62 per mt a ...
Sunday, 08 June 14
DRY BULK MARKET RATES FOR PANAMXES TO REMAIN VOLATILE; NO IMPROVEMENTS SEEN OVER THE WEEK
COALspot.com: Cape index increase pushes BDI index to 989 points week on week. The BDI firmed up by 5.88 pct and closed at 989 points week ended 6 ...
Saturday, 07 June 14
EVERYTHING CHANGES, AND NOTHING ABIDES - HERACLITUS
A couple of weeks ago, and while everyone was focusing on the struggling freight market, Russia and China made history by signing a three-decade lo ...
Saturday, 07 June 14
FIRST BITE AT ANTI-CORRUPTION CLAUSE - BIMCO
In recent years a number of countries have introduced anti-corruption legislation which, unfortunately, fails to recognise the practical implicatio ...
Saturday, 07 June 14
U.S. MONTHLY COAL PRODUCTION SLIGHTLY HIGHER IN MAY 2014
COALspot.com – United States the world's second largest coal producer, produced approximately 19.2 million short tons (mmst) of coal in a ...
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- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- Barasentosa Lestari - Indonesia
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- LBH Netherlands Bv - Netherlands
- Mercator Lines Limited - India
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Therma Luzon, Inc, Philippines
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- The University of Queensland
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- Directorate Of Revenue Intelligence - India
- International Coal Ventures Pvt Ltd - India
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Power Finance Corporation Ltd., India
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Planning Commission, India
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- Oldendorff Carriers - Singapore
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Electricity Authority - India
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Australian Coal Association
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Singapore Mercantile Exchange
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- Kepco SPC Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sojitz Corporation - Japan
- Eastern Energy - Thailand
- Iligan Light & Power Inc, Philippines
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- Manunggal Multi Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- CNBM International Corporation - China
- ICICI Bank Limited - India
- PTC India Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- Ministry of Mines - Canada
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Mintek Dendrill Indonesia
- Edison Trading Spa - Italy
- Dalmia Cement Bharat India
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