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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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Wednesday, 14 December 16
20/20 VISION! - JOHN N. COTZIAS
2020; A year that could be changing shipping. In early November, the International Maritime Organization (IMO) announced that it would set a 0.5% s ...
Tuesday, 13 December 16
THE FREIGHT MARKET MAY WELL BE SHOWING SIGNS OF HEADING FOR ITS DOWNWARD CORRECTIVE PHASE - ALLIED
2016 has been a tough market for dry bulkers and through these difficult earnings, we have seen some of the lowest prices being noted historically ...
Tuesday, 13 December 16
COAL DEMAND GROWTH TO STALL AS APPETITE WANES, ACCORDING TO IEA
Growth in global coal demand will stall over the next five years as the appetite for the fuel wanes and other energy sources gain ground, according ...
Monday, 12 December 16
U.S. WEEKLY COAL PRODUCTION TOTALS 16.3 MMST, UP 7.4% - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.3 million short ton ...
Monday, 12 December 16
INDONESIA TO INDIA FREIGHT RATES ARE EXPECTED TO BE SOFT THIS WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline this past week and ending on a negative note week ...
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- Sarangani Energy Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- Coal and Oil Company - UAE
- Altura Mining Limited, Indonesia
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- Parliament of New Zealand
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- Power Finance Corporation Ltd., India
- Indogreen Group - Indonesia
- Videocon Industries ltd - India
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- Romanian Commodities Exchange
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- Asmin Koalindo Tuhup - Indonesia
- ICICI Bank Limited - India
- PTC India Limited - India
- Ambuja Cements Ltd - India
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Heidelberg Cement - Germany
- Planning Commission, India
- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- Intertek Mineral Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- Economic Council, Georgia
- Kalimantan Lumbung Energi - Indonesia
- India Bulls Power Limited - India
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- Sojitz Corporation - Japan
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- Eastern Energy - Thailand
- Cement Manufacturers Association - India
- Star Paper Mills Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Chamber of Mines of South Africa
- Dalmia Cement Bharat India
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- Eastern Coal Council - USA
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- Medco Energi Mining Internasional
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Singapore Mercantile Exchange
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Carbofer General Trading SA - India
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Authority, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- IEA Clean Coal Centre - UK
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Borneo Indobara - Indonesia
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- Semirara Mining Corp, Philippines
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Indika Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- CIMB Investment Bank - Malaysia
- Bulk Trading Sa - Switzerland
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