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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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Wednesday, 15 March 17
SHIPPING MARKET INSIGHT - GEORGE PANAGOPOULOS
Over the past two weeks, the Dry Baltic Index has been on an upward trend, breaking the 1000 point mark and creating a positive sentiment for the u ...
Tuesday, 14 March 17
ORDERBOOK-TO-FEET RATIO DECREASING; THE FREIGHT MARKET IMPROVING
It seems as though the renewed optimism that has arisen from the recent upward trends being noted in the freight market, the dry bulk market has be ...
Monday, 13 March 17
PORT OF NEWCASTLE HAS SHIPPED 11.563 MILLION TONS COAL IN FEBRUARY 2017; DECLINED 12.19 PERCENT M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export ports has shipped $AU 1,4 ...
Monday, 13 March 17
INDO - INDIA COAL FREIGHT RATES STAY FIRM
COALspot.com: The Freight market was continuing to firming up.
The Baltic Exchange, tracking rates for ships carrying dry bulk commodities ros ...
Friday, 10 March 17
ESTIMATED U.S. COAL PRODUCTION ALMOST FLAT WEEK ENDED MARCH 4, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
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- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- Marubeni Corporation - India
- Coalindo Energy - Indonesia
- Petron Corporation, Philippines
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Renaissance Capital - South Africa
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Mercator Lines Limited - India
- Parliament of New Zealand
- GMR Energy Limited - India
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Bhushan Steel Limited - India
- PTC India Limited - India
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- Gujarat Sidhee Cement - India
- Savvy Resources Ltd - HongKong
- Kalimantan Lumbung Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- Sindya Power Generating Company Private Ltd
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- Port Waratah Coal Services - Australia
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- CNBM International Corporation - China
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- Kaltim Prima Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Wilmar Investment Holdings
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- Borneo Indobara - Indonesia
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- TeaM Sual Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Chamber of Mines of South Africa
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- Planning Commission, India
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Anglo American - United Kingdom
- Ind-Barath Power Infra Limited - India
- Central Electricity Authority - India
- Goldman Sachs - Singapore
- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
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