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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, 07 December 16
IT'S BEEN YET ANOTHER TURBULENT COUPLE OF DAYS..... - GEORGE LAZARIDIS
It’s been yet another turbulent couple of days, with a significant number of news headlines shaking up markets.
On Friday we had & ...
Monday, 05 December 16
INDIAN HYDROPOWER PRODUCTION AT LOWEST LEVEL SINCE 2012, SAYS COMMODORE RESEARCH
According to Commodore Research, the first eleven months of this year have seen India’s overall electricity production total approximately 1. ...
Monday, 05 December 16
THE DECEMBER 2016 HBA HITS TO ITS HIGHEST LEVEL SINCE MAY 2012
COALspot.com: The Indonesia coal benchmark price hits to its highest level since May 2012. The government declared benchmark prices for Indo ...
Monday, 05 December 16
BALTIC PANAMAX INDEX UP 5.98%; BALTIC CAPE INDEX FELL 2.52% W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rally slightly continues this past week and ending on a s ...
Sunday, 04 December 16
U.S. WEEKLY COAL OUTPUT DECLINED 11.9% W/E 26 NOV; UP 1.4% Y/Y, EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.2 million short ton ...
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- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Sical Logistics Limited - India
- Parliament of New Zealand
- Thai Mozambique Logistica
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Sakthi Sugars Limited - India
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- Minerals Council of Australia
- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Sojitz Corporation - Japan
- Petron Corporation, Philippines
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Central Java Power - Indonesia
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMC Global Power, Philippines
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
- Madhucon Powers Ltd - India
- London Commodity Brokers - England
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Generating Authority of Thailand
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Mines - Canada
- IHS Mccloskey Coal Group - USA
- Ministry of Finance - Indonesia
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- The State Trading Corporation of India Ltd
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- Vedanta Resources Plc - India
- Indogreen Group - Indonesia
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Energy Development Corp, Philippines
- Borneo Indobara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Ministry of Transport, Egypt
- PNOC Exploration Corporation - Philippines
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- McConnell Dowell - Australia
- Planning Commission, India
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- The Treasury - Australian Government
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- CIMB Investment Bank - Malaysia
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- Kepco SPC Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- Ceylon Electricity Board - Sri Lanka
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- Australian Coal Association
- MS Steel International - UAE
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- Bank of Tokyo Mitsubishi UFJ Ltd
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- Star Paper Mills Limited - India
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- AsiaOL BioFuels Corp., Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- Kartika Selabumi Mining - Indonesia
- Aditya Birla Group - India
- Coalindo Energy - Indonesia
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
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