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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 February 17
SHIPPING MARKET INSIGHT - INTERMODAL
Looking at the state of the Dry Bulk market exactly a year ago, there is no doubt that there is a significant improvement and despite the fact that ...
Tuesday, 14 February 17
OPTIMISM HAS STARTED TO SLOWLY FLOW BACK INTO THE DRY BULK MARKET - GEORGE LAZARIDIS
Optimism has started to slowly flow back into the dry bulk market, with many in the market showing renewed optimism as the Pacific basin starts to ...
Monday, 13 February 17
COMBINED COAL SALES OF BUMI RESOURCES ROSE TO 87.7 MILLION TONS IN FY'16; UP 10.6 PERCENT Y/Y
COALspot.com: Combined Coal Sales of Bumi Resources rose to 87.7 million tons in FY’16 compared with 79.3 million tons in FY’15. ...
Monday, 13 February 17
THE FREIGHT MARKET CONTINUED TO TUMBLE IN FEBRUARY
COALspot.com: The Freight market was continued its downfall in all segments except Panamax for the week ending 10 February 2017.
The Balt ...
Friday, 10 February 17
U.S. COAL OUTPUT IS ESTIMATED TO HAVE DECLINED BY 158 MMST IN 2016 TO 739 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 17 million short tons ...
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- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- SMG Consultants - Indonesia
- Sree Jayajothi Cements Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- The University of Queensland
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- Thai Mozambique Logistica
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
- MS Steel International - UAE
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Economic Council, Georgia
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Sindya Power Generating Company Private Ltd
- Mercator Lines Limited - India
- GAC Shipping (India) Pvt Ltd
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- Meralco Power Generation, Philippines
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bangladesh Power Developement Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- VISA Power Limited - India
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- Deloitte Consulting - India
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- Chettinad Cement Corporation Ltd - India
- European Bulk Services B.V. - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- Orica Australia Pty. Ltd.
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- The Treasury - Australian Government
- Borneo Indobara - Indonesia
- Mercuria Energy - Indonesia
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- Grasim Industreis Ltd - India
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- Coalindo Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- PowerSource Philippines DevCo
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- Posco Energy - South Korea
- Ministry of Mines - Canada
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
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