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