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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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Monday, 08 May 17
US WEEKLY COAL OUTPUT ON THE DOWN - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.8 million short tons ...
Thursday, 04 May 17
SUPRAMAX: INDO COAL ROUNDS LEVELS WITH DELIVERY CHINA IS TRADING AROUND LOW $6K, TRIP BACK TO CHINA
Supramax
The short week brought weaker rates across all routes. Supras from USG to Japan were fixed around $19-20 k daily and from ECSA to ECI $1 ...
Wednesday, 03 May 17
MALAYSIA SEEMS AS BIGGEST ADARO COAL IMPORTER IN Q1' 17
COALspot.com: In 1Q17, 30% of Adaro's sales went to Indonesia, the data from unaudited consolidated financial statement shows.
Malaysia ca ...
Wednesday, 03 May 17
MARKET INSIGHT - STELIOS KOLLINTZAS
The overall performance of each sector within the edible oil markets has remained poor for the past weeks. Apart from the veg oil exports fro ...
Tuesday, 02 May 17
THE FREIGHT MARKET CONTINUE TO SLUMP THIS PAST WEEK
COALspot.com: The Freight market continues to slump this past week, as all segments except Handy Size show a negative downward trend.
The Balt ...
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- Electricity Generating Authority of Thailand
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Anglo American - United Kingdom
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- Baramulti Group, Indonesia
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- VISA Power Limited - India
- Bangladesh Power Developement Board
- Bhoruka Overseas - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Indonesian Coal Mining Association
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- Central Electricity Authority - India
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Tata Chemicals Ltd - India
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- Central Java Power - Indonesia
- SMG Consultants - Indonesia
- The University of Queensland
- Africa Commodities Group - South Africa
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- The Treasury - Australian Government
- Mintek Dendrill Indonesia
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- New Zealand Coal & Carbon
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- Indian Energy Exchange, India
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Aboitiz Power Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- The State Trading Corporation of India Ltd
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- Gujarat Sidhee Cement - India
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- Globalindo Alam Lestari - Indonesia
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Australian Coal Association
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