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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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Friday, 06 June 14
RICHARDS BAY COAL TERMINAL SHIPPED 4.221 MMT OF COAL TO SOUTHERN ASIAN COUNTRIES IN MAY
COALspot.com: South Africa's Richards Bay Coal Terminal (RBCT) the single largest export coal terminal in the world, shipped 5.58 million tons ...
Thursday, 05 June 14
RBCT SOUTH AFRICA SHIPPED 21% LESS COAL IN APRIL COMPARED TO MARCH EXPORTS
COALspot.com: South Africa's Richards Bay Coal Terminal (RBCT) the single largest export coal terminal in the world, shipped 5.45 million tons ...
Thursday, 05 June 14
PANAMAX : THIS WEEK STARTED IN A SLOW PACE - FEARNLEYS
Handy
After last week's silent and unexciting week we see some more activity this week, especially from the South American market. The rates ...
Thursday, 05 June 14
PORT OF NEWCASTLE SHIPPED 2.91 MMT OF COAL IN THIS PAST WEEK
COALspot.com: The figure constitutes a 4.30 percent higher compared to the previous week, following a week on week decreased of 19.13 percent recor ...
Wednesday, 04 June 14
SKULD: DIVERSIFICATION AND A ROBUST BOTTOM LINE
In February, I was delighted to ring in the new policy year with the Skuld team following a solid renewal round and a strong year. 2013 was, in man ...
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- Chamber of Mines of South Africa
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Indian Oil Corporation Limited
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- Marubeni Corporation - India
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- Sical Logistics Limited - India
- The University of Queensland
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Eastern Coal Council - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- VISA Power Limited - India
- Cement Manufacturers Association - India
- GMR Energy Limited - India
- Wilmar Investment Holdings
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- White Energy Company Limited
- Mercator Lines Limited - India
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Karaikal Port Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Kepco SPC Power Corporation, Philippines
- Videocon Industries ltd - India
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- Australian Coal Association
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petron Corporation, Philippines
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Bukit Baiduri Energy - Indonesia
- Global Business Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Krishnapatnam Port Company Ltd. - India
- Port Waratah Coal Services - Australia
- Sinarmas Energy and Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- Meralco Power Generation, Philippines
- Ministry of Transport, Egypt
- The Treasury - Australian Government
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
- Agrawal Coal Company - India
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- Lanco Infratech Ltd - India
- Essar Steel Hazira Ltd - India
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Jindal Steel & Power Ltd - India
- Bhoruka Overseas - Indonesia
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
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