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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, 12 May 17
SLOW AND UNEVENTFUL WEEK FOR THE PANAMAX MARKET
Supramax
In the Atlantic, only USG were showing some improvement, where pet-coke cargoes to India was fixed in the range of 19-23k daily and to C ...
Wednesday, 10 May 17
MARKET INSIGHT - INTERMODAL
Up until a few weeks ago, demo deals were being concluded at just a fraction below $400/ldt. Last time we saw demo prices around that level was in ...
Tuesday, 09 May 17
DRY BULK TRADE IS STILL HEAVILY RELIANT ON CHINA - GEORGE LAZARIDIS
We have seen an overall cool down in the dry bulk and tanker markets over the final two weeks of April, sparking worries amongst ship-owners that t ...
Monday, 08 May 17
INDONESIAN COAL PRICE REFERENCE RISES FOR SECOND STRAIGHT MONTH IN MAY
COALspot.com: Indonesian government declared coal benchmark price rose in May, government data showed.
The benchmark price of Indonesian therm ...
Monday, 08 May 17
OCEAN BULK CARGO RATES FALL FURTHER THIS PAST WEEK
COALspot.com: The Freight market continues to slump this past week, with all segments show a negative downward trend week over week.
The Balti ...
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- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Savvy Resources Ltd - HongKong
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Samtan Co., Ltd - South Korea
- VISA Power Limited - India
- Posco Energy - South Korea
- Kobexindo Tractors - Indoneisa
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Vizag Seaport Private Limited - India
- Tata Chemicals Ltd - India
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- Manunggal Multi Energi - Indonesia
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- Eastern Coal Council - USA
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- Global Business Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- Africa Commodities Group - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- Altura Mining Limited, Indonesia
- SMG Consultants - Indonesia
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Georgia Ports Authority, United States
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- The Treasury - Australian Government
- ICICI Bank Limited - India
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Anglo American - United Kingdom
- Australian Coal Association
- Merrill Lynch Commodities Europe
- Eastern Energy - Thailand
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- Parliament of New Zealand
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- CNBM International Corporation - China
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
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