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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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- PNOC Exploration Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Cement Manufacturers Association - India
- Bhatia International Limited - India
- Eastern Coal Council - USA
- Vijayanagar Sugar Pvt Ltd - India
- Coal and Oil Company - UAE
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- PTC India Limited - India
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Orica Australia Pty. Ltd.
- IHS Mccloskey Coal Group - USA
- Karbindo Abesyapradhi - Indoneisa
- Romanian Commodities Exchange
- Indika Energy - Indonesia
- Deloitte Consulting - India
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- MS Steel International - UAE
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- London Commodity Brokers - England
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- Economic Council, Georgia
- Siam City Cement PLC, Thailand
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Madhucon Powers Ltd - India
- Trasteel International SA, Italy
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Malabar Cements Ltd - India
- Planning Commission, India
- Aboitiz Power Corporation - Philippines
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- Kartika Selabumi Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- Bangladesh Power Developement Board
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- SMC Global Power, Philippines
- Manunggal Multi Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Electricity Authority, New Zealand
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- Globalindo Alam Lestari - Indonesia
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- Bhushan Steel Limited - India
- Anglo American - United Kingdom
- Petron Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- The University of Queensland
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
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