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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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Monday, 28 November 16
BALTIC DRY INDEX FALLS TO 1181 POINT, DOWN 76 POINTS W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities down slightly and ending in a negative note this past wee ...
Thursday, 24 November 16
SUPRAMAX: SOUTH AFRICA STILL STRONG WITH OWNERS ACHIEVING AROUND USD 14-15K FOR TRIPS EAST - FEARNLEYS
Supramax
A positive kick-off in both the Atlantic and the Pacific. Very healthy rates within USG, some supras receiving well over 20k for trips t ...
Wednesday, 23 November 16
MARKET INSIGHT - CHRISTOPHER THOMAS WHITTY
The Organization of the Petroleum Exporting Countries (OPEC) is due to finalize a reduction in total production at its next scheduled meeting in Vi ...
Tuesday, 22 November 16
ITALY'S STEAM COAL IMPORTS EXPECTED TO DECLINE 7% Y/Y TO 15 MILLION TONS IN 2017 - ITALIAN COAL ASSOCIATION
Italy’s steam coal imports expected to decline to 15 million tons in 2017, or 7% less imports compared to 2016. The coking coal imports are e ...
Tuesday, 22 November 16
THE COMMODITIES MARKETS HAD SHOWED GREATER PROMISE SINCE THE SUMMER PERIOD - GEORGE LAZARIDIS
We have all borne witness to the sluggish pace of trade growth witnessed during the course of the past 4 years as well as the even slower pace note ...
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- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
- Sojitz Corporation - Japan
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
- South Luzon Thermal Energy Corporation
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Jindal Steel & Power Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- Renaissance Capital - South Africa
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- Medco Energi Mining Internasional
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indonesian Coal Mining Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- Tata Chemicals Ltd - India
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- Latin American Coal - Colombia
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Asmin Koalindo Tuhup - Indonesia
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Larsen & Toubro Limited - India
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- Agrawal Coal Company - India
- Parliament of New Zealand
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Mercator Lines Limited - India
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- Merrill Lynch Commodities Europe
- Borneo Indobara - Indonesia
- VISA Power Limited - India
- Heidelberg Cement - Germany
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- Marubeni Corporation - India
- Grasim Industreis Ltd - India
- Sarangani Energy Corporation, Philippines
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- Indika Energy - Indonesia
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Bangladesh Power Developement Board
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Bhatia International Limited - India
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
- Australian Coal Association
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- Wood Mackenzie - Singapore
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