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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, 20 January 17
U.S. WEEKLY COAL OUTPUT ESTIMATED 15.7 MMST; UP 14.1% W/W
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Thursday, 19 January 17
KOREAN POWER UTILITY BORYEONG POWER TO IMPORT 660K TONS OF BITUMINOUS COAL FOR MARCH 2017
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 590,000 Metric Tons of Bituminous coal and 7000 ...
Thursday, 19 January 17
PANAMAX RATES ARE UNDER PRESSURE IN BOTH HEMISPHERES - FEARNLEYS
Supramax
The market remained flat and the week continued at the same pace as last.
According to Fearnleys weekly dry bulk report, still more ...
Wednesday, 18 January 17
TANKER: THE CLEAN PRODUCT MARKET IS STILL NOT GIVING US ANY CLEAR SIGNS OF RECOVERY - GEORGE VASTARDIS
While we are approaching the Chinese New Year, the Clean Product market is still not giving us any clear signs of recovery, especially on The East ...
Monday, 16 January 17
WHY THE SOLUTION TO INDIA'S ENERGY CHALLENGE LIES IN COAL POWER PLANTS - BENJAMIN SPORTON
India’s huge development and energy challenges mean there are economic and development arguments for investing in new coal power plants for t ...
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- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- VISA Power Limited - India
- Deloitte Consulting - India
- Interocean Group of Companies - India
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- ASAPP Information Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Energy Development Corp, Philippines
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- SMG Consultants - Indonesia
- Larsen & Toubro Limited - India
- Makarim & Taira - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Bharathi Cement Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- Riau Bara Harum - Indonesia
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- MS Steel International - UAE
- Sarangani Energy Corporation, Philippines
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- Indo Tambangraya Megah - Indonesia
- Parry Sugars Refinery, India
- Posco Energy - South Korea
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- SMC Global Power, Philippines
- Economic Council, Georgia
- LBH Netherlands Bv - Netherlands
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- The University of Queensland
- Anglo American - United Kingdom
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- Central Electricity Authority - India
- Neyveli Lignite Corporation Ltd, - India
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- Australian Commodity Traders Exchange
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Directorate Of Revenue Intelligence - India
- Sakthi Sugars Limited - India
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Gujarat Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- Wood Mackenzie - Singapore
- Globalindo Alam Lestari - Indonesia
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Renaissance Capital - South Africa
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- Vizag Seaport Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- Medco Energi Mining Internasional
- Coastal Gujarat Power Limited - India
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
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