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Wednesday, 05 April 17
THE AVERAGE SECOND HAND PANAMAXES AND CAPES PRICES FOR A 5-YR OLD VESSEL HAS INCREASED MORE THAN 19% AND 20% RESPECTIVELY M/M - INTERMODAL
 With the help of what so far appears to be a very strong grain season together with the fact that imports from China have remained so far robust in 2017, it is no wonder that momentum in the Dry Bulk market has become particularly strong, pushing second-hand and lately newbuilding prices as well to higher levels.
The speed in which second hand prices have been firming is indeed impressive across all dry bulk sizes but particularly Panamaxes and Capes, where the average monthly price for a 5-yr old vessel has increased more than 19% and 20% respectively within just one month. A very representative example of this jaw dropping increase is the sale of the Panamax ‘RED GARDENIA’ (76,294dwt-blt 05, Japan), which was sold at the end of February at $7.3m and the sale of the Panamax ‘ALESSANDRO VOLTA (76,806dwt-blt 05, Japan, sold at $10.0m last month.
This strong upward movement in second-hand prices has undoubtedly brought euphoria among owners and has given extra incentive to invest to those who have been feeling a bit insecure to do so, due to this very speedy increase in prices that has brought back memories of past asset bubbles. Saying that, there is a number of medium sized shipowners who have already moved back to the sidelines and there is a good chance to see these owners return to the second-hand market in the near future to invest in the tanker or the container market, where prices have been less strong and could probably offer achieve a bigger premium down the line compared to dry bulkers.
At the same time, collaborations between private equity funds and shipowners have been intensifying again, as the former seem to once more be intrigued by this recent positive reversal in the freight market. So if you wonder “Where did this guy find the money to buy?” the answer is most probably that a fund has provided debt or equity.
This is also the case in regards to newbuilding investments, which started to pop up here and there during the past month. Indeed, as sale candidates have decreased and in addition to the fact that prices of modern second-hand tonnage have started to close the gap with the respective newbuilding price, has caused a spike in newbuilding enquiries by a big number of owners, a substantial part of which has already translated in either firm orders or discussions in the LOI stage.
On the Tanker side things have been less rosy as far as asset prices and SnP activity is concerned. The softening trend in the freight market during the past year has pushed second-hand tanker prices down during the past months but it seems that these cheaper prices have not inspired strong SnP activity.
Indeed potential Buyers were waiting for even lower ideas on behalf of Sellers, with the former seeing no major reason to offer greater discounts on their vessels amidst a freight market that hasn’t been bad. Saying that, we have been lately noticing a few big names starting to invest in the tanker sector once again, fact which might eventually help towards steadier and possibly higher values ahead…after all opportunity is in the eye of the beholder.
By Giannis Andritsopoulos
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
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 reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Wednesday, 14 June 17
WORLD COAL PRODUCTION FELL BY 6.2%, THE LARGEST ANNUAL DECLINE ON RECORD - BP
COALspot.com: The 2017 edition of the BP Statistical Review of World Energy, shows global energy markets continuing to undergo long-term changes as ...
Wednesday, 14 June 17
HANDYSIZES AND PANAMAXES ENJOY THE TIGHTEST SUPPLY - PANOS TSILINGIRIS
The dry and the tanker shipping segments have dissimilar exposure to supply-driven opportunity (or risk). While the vintage (i.e., over 15 years ol ...
Tuesday, 13 June 17
THE TANKER FREIGHT MARKET IS STILL UNDER PRESSURE - GEORGE LAZARIDIS
News of U.S. inventory decline has hit the market by surprise with prices of the commodity showing some quick revival as OPEC continues to push wit ...
Monday, 12 June 17
THE BALTIC DRY INDEX TOOK A POSITIVE STEP
COALspot.com: The Freight market incline this past week compared to the previous week, as BDI, Cape and Panamax indexes show a positive trend week ...
Friday, 09 June 17
U.S WEEKLY COAL OUTPUT WAS FLAT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15 million short tonnes ...
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- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Vedanta Resources Plc - India
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- Aditya Birla Group - India
- Petron Corporation, Philippines
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- Xindia Steels Limited - India
- Central Electricity Authority - India
- PTC India Limited - India
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- Electricity Generating Authority of Thailand
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- Marubeni Corporation - India
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- Simpson Spence & Young - Indonesia
- Formosa Plastics Group - Taiwan
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- Thiess Contractors Indonesia
- Indonesian Coal Mining Association
- Coastal Gujarat Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Sical Logistics Limited - India
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Wilmar Investment Holdings
- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- Meenaskhi Energy Private Limited - India
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- Eastern Energy - Thailand
- Ambuja Cements Ltd - India
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
- PowerSource Philippines DevCo
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- ICICI Bank Limited - India
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- The University of Queensland
- CNBM International Corporation - China
- Romanian Commodities Exchange
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- Kartika Selabumi Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- Vijayanagar Sugar Pvt Ltd - India
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- Bhoruka Overseas - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- Altura Mining Limited, Indonesia
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
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