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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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Friday, 24 March 17
U.S COAL PRODUCTION ESTIMATE DECLINE 4.4% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.1 million short tons ...
Thursday, 23 March 17
CAPESIZE: TAKING A BREATHER AFTER RALLYING - BUT OUTLOOK FOR WEEKS TO COME NOT SCARY - FEARNLEYS
Supramax
In the Pacific the market seems somewhat slower this week, although healthy rates still being achieved said Fearnleys in its latest week ...
Thursday, 23 March 17
KOREA MIDLAND POWER COMPANY LIMITED INVITES BIDS FOR TOTAL 4.77 MILLION TONS OF BITUMINOUS COAL FOR ITS BORYEONG POWER PLANT
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 2,090,000 Metric Tons of Bituminous coal f ...
Wednesday, 22 March 17
THE DRY BULK MARKET HAS UNDOUBTEDLY REBOUNDED SINCE THE SAME PERIOD LAST YEAR - KONSTANTINOS KONTOMICHIS
The Dry Bulk market has undoubtedly rebounded since the same period last year and currently enjoys healthier freight rates. The positive reversal i ...
Tuesday, 21 March 17
DESPITE THE CHALLENGING MARKET SITUATION IN 2016 THE DELTA DUNIA MAKMUR HAS ACHIEVED A NET PROFIT OF US$37 MILLION
COALspot.com: PT Delta Dunia Makmur Tbk. has announced its financial results for the period ended December 31, 2016.
Despite challenging marke ...
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- Timah Investasi Mineral - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- PowerSource Philippines DevCo
- Toyota Tsusho Corporation, Japan
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Petron Corporation, Philippines
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- IEA Clean Coal Centre - UK
- Indo Tambangraya Megah - Indonesia
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Sinarmas Energy and Mining - Indonesia
- Antam Resourcindo - Indonesia
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Pipit Mutiara Jaya. PT, Indonesia
- Aboitiz Power Corporation - Philippines
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- Parliament of New Zealand
- Renaissance Capital - South Africa
- GMR Energy Limited - India
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- Pendopo Energi Batubara - Indonesia
- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- Kideco Jaya Agung - Indonesia
- Coal and Oil Company - UAE
- Cement Manufacturers Association - India
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Standard Chartered Bank - UAE
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bharathi Cement Corporation - India
- Coastal Gujarat Power Limited - India
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- The University of Queensland
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- Eastern Coal Council - USA
- Deloitte Consulting - India
- Bangladesh Power Developement Board
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- Orica Mining Services - Indonesia
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- Mjunction Services Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Independent Power Producers Association of India
- Aditya Birla Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Medco Energi Mining Internasional
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- LBH Netherlands Bv - Netherlands
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- India Bulls Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- Jindal Steel & Power Ltd - India
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Siam City Cement - Thailand
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Ministry of Finance - Indonesia
- Georgia Ports Authority, United States
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Australian Coal Association
- Savvy Resources Ltd - HongKong
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