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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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- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- Lanco Infratech Ltd - India
- Toyota Tsusho Corporation, Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- Latin American Coal - Colombia
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Carbofer General Trading SA - India
- ASAPP Information Group - India
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- Jaiprakash Power Ventures ltd
- Petrochimia International Co. Ltd.- Taiwan
- Agrawal Coal Company - India
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- Ministry of Finance - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Central Electricity Authority - India
- Karaikal Port Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Therma Luzon, Inc, Philippines
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- SMG Consultants - Indonesia
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- Dalmia Cement Bharat India
- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Energy Development Corp, Philippines
- Marubeni Corporation - India
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- PowerSource Philippines DevCo
- Tata Chemicals Ltd - India
- Xindia Steels Limited - India
- Independent Power Producers Association of India
- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
- Sical Logistics Limited - India
- Karbindo Abesyapradhi - Indoneisa
- South Luzon Thermal Energy Corporation
- Bhatia International Limited - India
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- Chettinad Cement Corporation Ltd - India
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- Star Paper Mills Limited - India
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- Rio Tinto Coal - Australia
- Planning Commission, India
- McConnell Dowell - Australia
- Videocon Industries ltd - India
- Kideco Jaya Agung - Indonesia
- Australian Commodity Traders Exchange
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- Bangladesh Power Developement Board
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- ICICI Bank Limited - India
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Interocean Group of Companies - India
- Kaltim Prima Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- Economic Council, Georgia
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- Kapuas Tunggal Persada - Indonesia
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- PTC India Limited - India
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
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