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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, 27 January 17
U.S WEEKLY COAL OUTPUT RISES FOR THIRD STRAIGHT WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
Wednesday, 25 January 17
MARKET INSIGHT - KONSTANTINOS KAKAVITSAS
Remember that old but classic song called “Destination Unknown”? Well that is where the oil market is heading right now. The song made ...
Tuesday, 24 January 17
MARKET UPDATE - ALLIED
This week at the World Economic Forum in the Swiss resort of Davos we had a historic first via the attendance and speech given by China’s pre ...
Monday, 23 January 17
THE PORT OF NEWCASTLE SHIPPED $AU 15.279 BILLION WORTH OF 161.399 MILLION TONS OF COAL IN 2016
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,453.1 M ...
Monday, 23 January 17
THE FREIGHT MARKET DID NOT CHANGE MUCH AND WAS ALMOST AT SAME LEVELS AS LAST WEEK
COALspot.com: The Freight market did not change much and was almost at same levels as last week.
The Baltic Exchange, tracking rates for ships ...
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- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- ICICI Bank Limited - India
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- Altura Mining Limited, Indonesia
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Indo Tambangraya Megah - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Manunggal Multi Energi - Indonesia
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Kobexindo Tractors - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- Agrawal Coal Company - India
- Mintek Dendrill Indonesia
- Malabar Cements Ltd - India
- Anglo American - United Kingdom
- Carbofer General Trading SA - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Eastern Coal Council - USA
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- Banpu Public Company Limited - Thailand
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- Videocon Industries ltd - India
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Posco Energy - South Korea
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Salva Resources Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- Minerals Council of Australia
- Indogreen Group - Indonesia
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Sarangani Energy Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Parliament of New Zealand
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Baramulti Group, Indonesia
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
- ASAPP Information Group - India
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
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