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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, 30 March 17
PANAMAX : ACTIVITY IN THE PANAMAX MARKET HAS INCREASED SUBSTANTIALLY IN BOTH HEMISPHERES - FEARNLEYS
Supramax
This week we were looking at prolonged activity from ECSA, mostly with grain cargoes to Far East and SE Asia, where Ultras to SE Asia fi ...
Thursday, 30 March 17
THE ROLE OF COAL IN THE ENERGY SUPPLY OF THE EU-28: HANS-WILHELM SCHIFFER
The European Union (EU-28) is one of the largest economies in the world, with a gross domestic product (GDP) of €14,635 billion in 2015. It ha ...
Wednesday, 29 March 17
MARKET INSIGHT - NASOS SOULAKIS
Shipowners will always look for market signals in order to gauge market perception and decide upon which strategy to follow next. And while owners ...
Monday, 27 March 17
THE FREIGHT MARKET CONTINUED TO FIRM WEEK OVER WEEK
COALspot.com: The Freight market was continuing to firming up.
The Baltic Exchange, tracking rates for ships carrying dry bulk commodities ros ...
Friday, 24 March 17
ADARO INDONESIA'S COAL SALES VOLUME INCREASED SLIGHTLY TO 54.1 MILLION TONES IN 2016
COALspot.com: PT. Adaro Indonesia, Indonesia’s second largest coal miner’s sales volume increased slightly to 54.1 million tones (Mt) i ...
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- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- Indian Oil Corporation Limited
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- ICICI Bank Limited - India
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- Minerals Council of Australia
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Larsen & Toubro Limited - India
- Metalloyd Limited - United Kingdom
- TeaM Sual Corporation - Philippines
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- Bhatia International Limited - India
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Aditya Birla Group - India
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Coal and Oil Company - UAE
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- Globalindo Alam Lestari - Indonesia
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- Electricity Generating Authority of Thailand
- Heidelberg Cement - Germany
- Planning Commission, India
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- International Coal Ventures Pvt Ltd - India
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- Edison Trading Spa - Italy
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- Standard Chartered Bank - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- Sree Jayajothi Cements Limited - India
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Antam Resourcindo - Indonesia
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Orica Mining Services - Indonesia
- Anglo American - United Kingdom
- Eastern Energy - Thailand
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- Agrawal Coal Company - India
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- Simpson Spence & Young - Indonesia
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- Altura Mining Limited, Indonesia
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- Deloitte Consulting - India
- SMG Consultants - Indonesia
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- Lanco Infratech Ltd - India
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
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