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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, 23 December 16
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 711.1 MMST; DOWN 18.5% Y/Y - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Thursday, 22 December 16
INDONESIA LACK OF EXPORT TO INDIA THIS WEEK - FERNLEYS
Supramax
While the Atlantic is keeping up with rates, the Pacific has been weaker says Astrup Fernley.
According to Astrup Fernley, backhaul ...
Wednesday, 21 December 16
THE SUPREME COURT DECISION IN OW BUNKERS - WHEN A SALE OF GOODS IS NOT A SALE OF GOODS - LEON ALEXANDER, CLYDE&CO
KNOWLEDGE TO ELEVATE
In May 2016 the Supreme Court of England & Wales gave judgment in an OW Bunkers test case entitled "Res Cogitans ...
Wednesday, 21 December 16
CLEANING THE OCEANS FROM PLASTIC - SOPHIE COTZIAS
2016 is coming to a close and it finds us in preparation for the 2017 enforcement of the Ballast Water Treatment Systems. We naturally are in thoug ...
Tuesday, 20 December 16
TRADE HAS FELT ITS BUMPS AND SHAKES THIS YEAR - GEORGE LAZARIDIS
Trade has felt its bumps and shakes this year, as growing populist protectionist and nationalist movements in the Western world start to take hold. ...
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Asmin Koalindo Tuhup - Indonesia
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- The University of Queensland
- Ministry of Finance - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Gujarat Sidhee Cement - India
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- Xindia Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- Videocon Industries ltd - India
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- White Energy Company Limited
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Lanco Infratech Ltd - India
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Tamil Nadu electricity Board
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- The Treasury - Australian Government
- Energy Development Corp, Philippines
- Independent Power Producers Association of India
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- ASAPP Information Group - India
- Bhatia International Limited - India
- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- PTC India Limited - India
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- Petron Corporation, Philippines
- Meralco Power Generation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- Planning Commission, India
- Deloitte Consulting - India
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- MS Steel International - UAE
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- SMG Consultants - Indonesia
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Makarim & Taira - Indonesia
- Australian Coal Association
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- Krishnapatnam Port Company Ltd. - India
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- GMR Energy Limited - India
- Semirara Mining Corp, Philippines
- Interocean Group of Companies - India
- Marubeni Corporation - India
- Wood Mackenzie - Singapore
- VISA Power Limited - India
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maharashtra Electricity Regulatory Commission - India
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