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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, 20 April 17
CHINA'S IMPORT OF IRON ORE TO PROPEL DRY BULK SHIPPING DEMAND IN 2017 - PETER SAND
China's import of iron ore will continue to be a key driver for the demand growth in 2017 for the dry bulk shipping industry, alongside shippin ...
Monday, 17 April 17
THE PANAMAX INDEX (BPI) ROSE (12.89%) WEEK OVER WEEK
COALspot.com: The Freight market was firm, week over a week as all segments show a positive upward trend this past week.
The Baltic Exchange, ...
Monday, 17 April 17
U.S. WEEKLY COAL OUTPUT FELL 5% WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.8 million short tons ...
Thursday, 13 April 17
OPEC OVER-DELIVERS ON OIL CUTS, BUT SEES RIVALS' OUTPUT RISING
Crude Oil Price Movements
The OPEC Reference Basket averaged $50.32/b in March, representing a decline of 5.7% from the previous month. Crude fut ...
Wednesday, 12 April 17
THE PORT OF NEWCASTLE SHIPPED 13.791 MILLION TONS OF COAL IN MARCH 2017
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export ports has shipped $AU 1,688.5 ...
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- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- IEA Clean Coal Centre - UK
- Kumho Petrochemical, South Korea
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- Jorong Barutama Greston.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Jaiprakash Power Ventures ltd
- The Treasury - Australian Government
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- Parliament of New Zealand
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- Rio Tinto Coal - Australia
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Eastern Coal Council - USA
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- Mintek Dendrill Indonesia
- Star Paper Mills Limited - India
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- Madhucon Powers Ltd - India
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- Merrill Lynch Commodities Europe
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Grasim Industreis Ltd - India
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- Vedanta Resources Plc - India
- Sical Logistics Limited - India
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bukit Makmur.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- European Bulk Services B.V. - Netherlands
- Posco Energy - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- Kobexindo Tractors - Indoneisa
- Gujarat Sidhee Cement - India
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- Central Java Power - Indonesia
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- The University of Queensland
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- Economic Council, Georgia
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- MS Steel International - UAE
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- The State Trading Corporation of India Ltd
- Videocon Industries ltd - India
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- Thiess Contractors Indonesia
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