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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, 12 April 17
SHIPPING MARKET INSIGHT - VASSILIS VASSILIOU
The first quarter of 2017 started relatively busy for the ship repair sector, with most of the repair facilities being nearly fully occupied till t ...
Monday, 10 April 17
THE CAPE INDEX WAS DOWN BY 16.32% WEEK OVER WEEK
COALspot.com: The Freight market was steady week over a week except for Cape. The cape index was down 16.32 percent week over week.
The Baltic ...
Friday, 07 April 17
INDONESIAN GOVERNMENT DECLARED SPOT COAL PRICES STAGE FIRST INCREASE OF THE YEAR
COALspot.com: Indonesian government declared coal benchmark price rose slightly in April, government data showed.
The benchmark price of Indon ...
Friday, 07 April 17
U.S WEEKLY COAL OUTPUT ALMOST FLAT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.5 million short tons ...
Thursday, 06 April 17
PANAMAX: THE MARKET HAS CONTINUED THE FIRM SENTIMENT FROM LAST WEEK IN BOTH HEMISPHERES - FEARNLEYS
Supramax
With holidays in Asia, the week has started very slow in Pacific. Some fixtures have still been done and levels have remained quite stab ...
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- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- London Commodity Brokers - England
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- Mercator Lines Limited - India
- Holcim Trading Pte Ltd - Singapore
- Eastern Coal Council - USA
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- Bangladesh Power Developement Board
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Indika Energy - Indonesia
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Oldendorff Carriers - Singapore
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Romanian Commodities Exchange
- Indonesian Coal Mining Association
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- Wilmar Investment Holdings
- The Treasury - Australian Government
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- Xindia Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Salva Resources Pvt Ltd - India
- Thai Mozambique Logistica
- Kartika Selabumi Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- ICICI Bank Limited - India
- Marubeni Corporation - India
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- Globalindo Alam Lestari - Indonesia
- Interocean Group of Companies - India
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- International Coal Ventures Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- IEA Clean Coal Centre - UK
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- Malabar Cements Ltd - India
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- Planning Commission, India
- South Luzon Thermal Energy Corporation
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- Goldman Sachs - Singapore
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Medco Energi Mining Internasional
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Altura Mining Limited, Indonesia
- Posco Energy - South Korea
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- The State Trading Corporation of India Ltd
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- Dalmia Cement Bharat India
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
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