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