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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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Thursday, 01 December 16
OIL PRICES MAY SEE LITTLE GROWTH BEFORE 2018, FITCH RATINGS SAYS
High inventories and the potential for US shale production to respond quickly to any market tightening mean oil prices may flat line in 2017 before ...
Thursday, 01 December 16
CHINA 2017 OIL, GAS OUTPUT DROP MAY WORSEN ON CAPEX CUT: FITCH
China's oil and gas production may shrink even more in 2017 than in 2016 after the country's leading oil companies cut exploration and prod ...
Thursday, 01 December 16
ANOTHER WONDERFUL WEEK FOR PANAMAX - FEARNLEY
Supramax
A slower start to the week in the Pacific compared to last Trips from N. China to S. China is paying in the range of low USD 5k, while I ...
Tuesday, 29 November 16
AUSTRALIA'S PORT OF NEWCASTLE SHIPPED 13.08 MT OF COAL IN OCTOBER; DOWN 10.39% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU1,124.7 Mi ...
Tuesday, 29 November 16
US WEEKLY COAL OUTPUT TOTALS 17.2 MMST, UP 2.8% : EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 17.2 million short ton ...
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- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- Latin American Coal - Colombia
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Coastal Gujarat Power Limited - India
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- Parliament of New Zealand
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- London Commodity Brokers - England
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- White Energy Company Limited
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Rio Tinto Coal - Australia
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- ICICI Bank Limited - India
- SMG Consultants - Indonesia
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- OPG Power Generation Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- Medco Energi Mining Internasional
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- ASAPP Information Group - India
- Trasteel International SA, Italy
- Australian Coal Association
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- Salva Resources Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- VISA Power Limited - India
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Globalindo Alam Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- South Luzon Thermal Energy Corporation
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Star Paper Mills Limited - India
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- Binh Thuan Hamico - Vietnam
- Bayan Resources Tbk. - Indonesia
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- Goldman Sachs - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- The University of Queensland
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- Kohat Cement Company Ltd. - Pakistan
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Straits Asia Resources Limited - Singapore
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- Edison Trading Spa - Italy
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- Sree Jayajothi Cements Limited - India
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