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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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Tuesday, 20 December 16
TURNAROUND IN CHINESE ECONOMY HAS INTENSIFIED RECENTLY, SAYS COMMODORE RESEARCH
According to the most recent Weekly China Report published by Commodore Research, it has remained encouraging that the turnaround in China’s ...
Monday, 19 December 16
U.S. WEEKLY COAL PRODUCTION DOWN 3.1% PERCENT WEEK ON WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.8 million short ton ...
Monday, 19 December 16
THE FREIGHT MARKET WAS CONTINUING TO SOFTEN
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continually decline this past week and ending on a negati ...
Thursday, 15 December 16
SUPRAMAXES ARE ACHIEVING AROUND HIGH USD 7K FOR INDO/CHINA COAL ROUNDS - FEARNLEY
Supramax
Pacific has been relatively quiet this week, with some softening signs.
Supramaxes are achieving around high USD 7k for Indo/China ...
Wednesday, 14 December 16
INTERNATIONAL TRIBUNAL DISMISSED CHURCHILL MINING'S DAMAGES CLAIM AGAINST REPUBLIC OF INDONESIA
The Directors of Churchill Mining plc advise that, the ICSID Tribunal (“Tribunal”) granted Indonesia’s application to dismiss the ...
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- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- Coal and Oil Company - UAE
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Savvy Resources Ltd - HongKong
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- PTC India Limited - India
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Dalmia Cement Bharat India
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- VISA Power Limited - India
- Tamil Nadu electricity Board
- Samtan Co., Ltd - South Korea
- Port Waratah Coal Services - Australia
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Siam City Cement - Thailand
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- Eastern Energy - Thailand
- Semirara Mining Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- Wood Mackenzie - Singapore
- Price Waterhouse Coopers - Russia
- Petrochimia International Co. Ltd.- Taiwan
- ASAPP Information Group - India
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- Rashtriya Ispat Nigam Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Bhoruka Overseas - Indonesia
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- ICICI Bank Limited - India
- Manunggal Multi Energi - Indonesia
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- Mjunction Services Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- Global Green Power PLC Corporation, Philippines
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- PetroVietnam Power Coal Import and Supply Company
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- The University of Queensland
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Bhushan Steel Limited - India
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Renaissance Capital - South Africa
- SMG Consultants - Indonesia
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Bulk Trading Sa - Switzerland
- Leighton Contractors Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
- AsiaOL BioFuels Corp., Philippines
- India Bulls Power Limited - India
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
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