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