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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, 03 February 17
U.S. WEEKLY COAL PRODUCTION DECLINED 3.9% W/W; ROSE 17.7% Y/Y
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.1 million short ton ...
Friday, 03 February 17
US - EXECUTIVE ORDER ON IMMIGRATION AFFECTS VESSEL CREWS - GARD
From 27 January 2017, crew members carrying Iraqi, Syrian, Sudanese, Iranian, Somalian, Libyan or Yemeni passports are temporarily barred from ente ...
Wednesday, 01 February 17
MARKET INSIGHT - PANOS TSILINGIRIS
The recent placement of LOIs for 208kdwt Newcastlemax Newbuildings at $38.5m at Private Chinese Yard identifies with the modern history low for dry ...
Tuesday, 31 January 17
A CASE OF NEW YEAR BLUES FOR THE FAR EAST? - GEORGE LAZARIDIS
Unlike the typical lull in the market that we note during the period just prior to the Chinese New Year, 2017 has proved to be fairly m ...
Monday, 30 January 17
DUE TO LUNAR YEAR HOLIDAYS, THE FREIGHT MARKET STAYED WEAK
COALspot.com: Due to Lunar year holidays and celebration, the Freight market was down in all segments this past week.
The Baltic Exchange, tra ...
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- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- Medco Energi Mining Internasional
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- GMR Energy Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- White Energy Company Limited
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- MS Steel International - UAE
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Uttam Galva Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- Wilmar Investment Holdings
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- Minerals Council of Australia
- Bangladesh Power Developement Board
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- CNBM International Corporation - China
- Orica Australia Pty. Ltd.
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- The University of Queensland
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- South Luzon Thermal Energy Corporation
- Straits Asia Resources Limited - Singapore
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- Star Paper Mills Limited - India
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- Sindya Power Generating Company Private Ltd
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Renaissance Capital - South Africa
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Ambuja Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- Central Electricity Authority - India
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- Agrawal Coal Company - India
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Meralco Power Generation, Philippines
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- Eastern Coal Council - USA
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
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