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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 February 17
US WEEKLY COAL OUTPUT ESTIMATED AT 16.8 MMST - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
Thursday, 23 February 17
ULTRA SUPRAMAX: INDONESIA TO INDIA IS GETTING AROUND $10-11K BASIS SINGAPORE DELIVERY
Supramax
The week started off quietly in the Atlantic with more activity in the Pacific basin.
According to Fearnleys weekly report, frontha ...
Wednesday, 22 February 17
TANKER MARKET INSIGHT - KATERINA RESTIS
In 2016 a session of the IMO committee in London, set the new prerequisites effective from January 2020, which will necessitate global Sulphur cont ...
Tuesday, 21 February 17
INDIA'S JANUARY COAL IMPORTS DECLINE 21.7 PERCENT YEAR -ON-YEAR TO 14.31 MT - PTI
Coal imports declined by 21.7 per cent to 14.31 million tonnes in January as the power utilities did not lift much fuel due to abundant stock avail ...
Tuesday, 21 February 17
CHINESE EXPORTS SHOWED A YEAR-ON-YEAR RISE FOR THE FIRST TIME IN TEN MONTHS; S. KOREA'S EXPORTS UP FOR PAST THREE MONTHS IN A ROW - GEORGE LAZARIDIS
We have started to some sparks of life in the commodities markets these past weeks, with prices having shown a strong push during the past couple o ...
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- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- Australian Coal Association
- White Energy Company Limited
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- Intertek Mineral Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Savvy Resources Ltd - HongKong
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- LBH Netherlands Bv - Netherlands
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- Bhushan Steel Limited - India
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- Semirara Mining Corp, Philippines
- Attock Cement Pakistan Limited
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- The University of Queensland
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Xindia Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Transport, Egypt
- Riau Bara Harum - Indonesia
- Planning Commission, India
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- Orica Mining Services - Indonesia
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Africa Commodities Group - South Africa
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Therma Luzon, Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PTC India Limited - India
- Standard Chartered Bank - UAE
- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- Interocean Group of Companies - India
- Manunggal Multi Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- Sinarmas Energy and Mining - Indonesia
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- Georgia Ports Authority, United States
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- Makarim & Taira - Indonesia
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