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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, 21 March 17
JAPAN'S RENEWED COMMITMENT TO COAL - BENJAMIN SPORTON
Japan is one of the largest economies in the world, and has long been a major consumer and importer of energy and a leader in energy technology dev ...
Monday, 20 March 17
IS THE DRY BULK INDUSTRY STILL ON TRACK FOR PROFITABILITY IN 2019? - PETER SAND
The industry remains well on target for profitable freight rates in 2019! This relies however, on the projected fleet supply growth rate of 0% in 2 ...
Friday, 17 March 17
U.S WEEKLY COAL OUTPUT VOLUME SLIDES 6.5 PERCENT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.7 million short ton ...
Thursday, 16 March 17
CHINA IMPOSING TOUGHER CONTROLS ON LOW-QUALITY COAL IMPORTS
China is ramping up controls on imports of low-quality coal due to concerns about smog and overcapacity in the world’s top coal consumer, a g ...
Thursday, 16 March 17
CAPESIZE: SHOWING STRENGTH; PANAMAX: VERY QUIET - FEARNLEYS
Supramax
The Atlantic market faced less activity from the USG whereas at the Cont tonnage seemed to tighten up with more cargoes emerging. Despit ...
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- TNB Fuel Sdn Bhd - Malaysia
- Aboitiz Power Corporation - Philippines
- Kumho Petrochemical, South Korea
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- Aditya Birla Group - India
- Alfred C Toepfer International GmbH - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coal and Oil Company - UAE
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- Posco Energy - South Korea
- Sinarmas Energy and Mining - Indonesia
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- Directorate Of Revenue Intelligence - India
- Mjunction Services Limited - India
- Pendopo Energi Batubara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sojitz Corporation - Japan
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Sakthi Sugars Limited - India
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- CIMB Investment Bank - Malaysia
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- Central Java Power - Indonesia
- Economic Council, Georgia
- London Commodity Brokers - England
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- Romanian Commodities Exchange
- The University of Queensland
- White Energy Company Limited
- ICICI Bank Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
- Global Business Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- Agrawal Coal Company - India
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Ministry of Finance - Indonesia
- Indo Tambangraya Megah - Indonesia
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
- Uttam Galva Steels Limited - India
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- Ind-Barath Power Infra Limited - India
- Trasteel International SA, Italy
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- Orica Mining Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- Wood Mackenzie - Singapore
- Savvy Resources Ltd - HongKong
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- Tamil Nadu electricity Board
- Grasim Industreis Ltd - India
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Mercator Lines Limited - India
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- OPG Power Generation Pvt Ltd - India
- Singapore Mercantile Exchange
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- Eastern Energy - Thailand
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Binh Thuan Hamico - Vietnam
- Siam City Cement - Thailand
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Thai Mozambique Logistica
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