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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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Thursday, 18 May 17
SOUTHEAST ASIA CAN ACCELERATE ACHIEVEMENT OF PARIS AGREEMENT GOALS - WCA
Low emissions coal in Asia reduces more CO2 emissions than renewable investment in Western Europe.
Investing in low emissions coal plants in S ...
Wednesday, 17 May 17
THE CHINESE IMPORTS ARE A BAROMETER FOR VESSEL UTILIZATION - INTERMODAL
According to economic data, China imports increased year-on-year 38% in February, 20% in March – which is approximately US$160-170b - w ...
Monday, 15 May 17
THE PORT OF NEWCASTLE HAS SHIPPED 0.99 PERCENT LESS COAL IN APRIL 2017
COALspot.com: The Port of Newcastle, Australia’s major trading ports, and the world’s largest coal export ports has shipped $AU 1,636.2 ...
Monday, 15 May 17
THE CAPESIZE INDEX ROSE SIGNIFICANTLY THIS PAST WEEK COMPARED TO PREVIOUS WEEK
COALspot.com: The Freight market slightly up this past week, as BDI and Cape shows a positive trend week over week.
The Baltic Exchange, track ...
Friday, 12 May 17
U.S. COAL PRODUCTION DOWN AGAIN WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.3 million short tons ...
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- Karaikal Port Pvt Ltd - India
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Economic Council, Georgia
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- SMC Global Power, Philippines
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- ASAPP Information Group - India
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- Indian Oil Corporation Limited
- Star Paper Mills Limited - India
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- SN Aboitiz Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Toyota Tsusho Corporation, Japan
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- Simpson Spence & Young - Indonesia
- ICICI Bank Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- Wilmar Investment Holdings
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Orica Australia Pty. Ltd.
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
- Attock Cement Pakistan Limited
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- Siam City Cement - Thailand
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- Anglo American - United Kingdom
- Ind-Barath Power Infra Limited - India
- PTC India Limited - India
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- Eastern Energy - Thailand
- Australian Coal Association
- Wood Mackenzie - Singapore
- Bhoruka Overseas - Indonesia
- Tata Chemicals Ltd - India
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- Indonesian Coal Mining Association
- Lanco Infratech Ltd - India
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- Sarangani Energy Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Planning Commission, India
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- Sree Jayajothi Cements Limited - India
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
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