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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, 03 November 16
CAPESIZE: BRAZIL/CHINA RATES MOVED TO THE $11 PMT LEVEL; WEST AUSTRALIA/CHINA ROUTE MOVED UP CLOSE TO MID $5 PMT LEVEL - FEARNLEYS
Supramax
In the Atlantic we see a bit more activity than in the eastern hemisphere, says Fearnleys in its latest weekly report. Fhauls via Black ...
Wednesday, 02 November 16
SHIPPING MARKET INSIGHT
A week before the U.S. presidential election, everyone is eager to see the socio-political effects that the result of these elections will have. As ...
Wednesday, 02 November 16
SHIP OPERATING COSTS ARE EXPECTED TO RISE IN BOTH 2016 AND 2017 - MOORE STEPHENS
Vessel operating costs are expected to rise in both 2016 and 2017. Repairs and maintenance and spares are the cost categories which are likely to i ...
Tuesday, 01 November 16
PANAMAX : A FAIR AMOUNT OF SIDEWAYS SHIPPING IN RATES - ALLIED SHIPPING
Capesize
A very sluggish start to the week, with rates dropping considerably as all optimism seems to have evaporated over the weekend. According ...
Tuesday, 01 November 16
IMPROVEMENT ON THE DEMAND SIDE ONLY BUT THE SUPPLY SIDE IS WORSE OFF - BIMCO
Back in May, BIMCO disclosed a projected “road to recovery” for the dry bulk shipping industry. The main message back then on what the ...
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- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- Siam City Cement - Thailand
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- Barasentosa Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
- Manunggal Multi Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- Holcim Trading Pte Ltd - Singapore
- Ind-Barath Power Infra Limited - India
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- Economic Council, Georgia
- Eastern Energy - Thailand
- Uttam Galva Steels Limited - India
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- CIMB Investment Bank - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- Xindia Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- Standard Chartered Bank - UAE
- Eastern Coal Council - USA
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- Lanco Infratech Ltd - India
- Makarim & Taira - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- Africa Commodities Group - South Africa
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- Thai Mozambique Logistica
- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- Medco Energi Mining Internasional
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Authority, New Zealand
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- White Energy Company Limited
- Timah Investasi Mineral - Indoneisa
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- Australian Coal Association
- Sarangani Energy Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- Renaissance Capital - South Africa
- Altura Mining Limited, Indonesia
- Rio Tinto Coal - Australia
- Trasteel International SA, Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- Malabar Cements Ltd - India
- Planning Commission, India
- Merrill Lynch Commodities Europe
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- Mjunction Services Limited - India
- Indogreen Group - Indonesia
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