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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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Tuesday, 25 April 17
SHIPPING MARKET - ALLIED
Over the weekend we witnessed a second win over the rising populism that has become present in global politics since last summer, Allied shipping s ...
Monday, 24 April 17
THE FREIGHT MARKET WAS DOWN WEEK OVER WEEK EXCEPT FOR HANDYSIZE SEGMENT
COALspot.com: The Freight market was fell, week over a week as all segments show a negative downward trend except Handy Size segment this past week ...
Friday, 21 April 17
US WEEKLY COAL OUTPUT ON THE UP, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.9 million short ton ...
Thursday, 20 April 17
SHIPPING POOLS: DON'T JUST DIVE IN - MOORE STEPHENS
Shipping pools can be an attractive option for ship owners and operators, particularly in difficult markets and during periods of economic uncertai ...
Thursday, 20 April 17
THE DRY BULK MARKET IS STILL ON ITS UPWARD MOMENTUM - ALLIED SHIPPING
Having gone through the first quarter of the year and with the Easter break having no come and gone, it seems as though the dry bulk market is stil ...
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- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- Planning Commission, India
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- White Energy Company Limited
- Central Java Power - Indonesia
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Riau Bara Harum - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
- Thiess Contractors Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- Meralco Power Generation, Philippines
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- GMR Energy Limited - India
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Gujarat Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- Cigading International Bulk Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Latin American Coal - Colombia
- PTC India Limited - India
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- Indika Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- Mjunction Services Limited - India
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- Aditya Birla Group - India
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- Star Paper Mills Limited - India
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- Formosa Plastics Group - Taiwan
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
- Mercator Lines Limited - India
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- Antam Resourcindo - Indonesia
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- Miang Besar Coal Terminal - Indonesia
- Thai Mozambique Logistica
- Lanco Infratech Ltd - India
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