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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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Friday, 02 June 17
U.S THE PAST WEEK'S COAL PRODUCTION ESTIMATE UP 4.4% - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15 million short tonnes ...
Wednesday, 31 May 17
MARKET INSIGHT - KONSTANTINOS KAKAVITSAS
In the next episode of the oil market; The market reacts to OPEC’s production cut extension, the US shale oil producers are ruining the carte ...
Tuesday, 30 May 17
MARKET ANALYSIS - GEORGE LAZARIDIS
Despite the fair performance that has been noted in the Chinese economy over the past 5 months, we have started to see an increase in the skepticis ...
Friday, 26 May 17
MOST COAL PLANTS IN THE UNITED STATES WERE BUILT BEFORE 1990 - EIA
Coal-fired electricity generators accounted for 25% of operating electricity generating capacity in the United States and generated about 30% of U. ...
Friday, 26 May 17
U.S WEEKLY COAL OUTPUT ESTIMATE UP 6.3% W/W
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.3 million short ton ...
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- Global Green Power PLC Corporation, Philippines
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- London Commodity Brokers - England
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- Renaissance Capital - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- Samtan Co., Ltd - South Korea
- The University of Queensland
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- Indika Energy - Indonesia
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- Standard Chartered Bank - UAE
- Jorong Barutama Greston.PT - Indonesia
- Carbofer General Trading SA - India
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maheswari Brothers Coal Limited - India
- Orica Mining Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Simpson Spence & Young - Indonesia
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- Central Java Power - Indonesia
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- SMG Consultants - Indonesia
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- Thai Mozambique Logistica
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- Timah Investasi Mineral - Indoneisa
- Bhoruka Overseas - Indonesia
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- White Energy Company Limited
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Agrawal Coal Company - India
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Savvy Resources Ltd - HongKong
- Kobexindo Tractors - Indoneisa
- Madhucon Powers Ltd - India
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- Star Paper Mills Limited - India
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Mintek Dendrill Indonesia
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