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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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Tuesday, 04 April 17
THE IRON ORE HAS BEEN ABLE TO KEEP ITS GROWTH PATH FAIRLY WELL; THERE IS STILL ONE PART OF THE WORLD THAT IS STILL HEAVILY COMMITTED TO COAL
With the close of March having let us with a very positive after taste and having witnessed near the end of the month the Baltic Dry Index at its h ...
Monday, 03 April 17
WORLD COAL TRADE STABLE IN 2016: DEMAND SHIFTS TO SOUTH-EAST ASIA - ASSOCARBONI
ASSOCARBONI: Coal confirmed as the leading fuel for electricity generation, accounting for 40% of overall production in 2016.
World coal trade ...
Monday, 03 April 17
DRY BULK RATES CONTINUING TO FIRMING UP
COALspot.com: The Freight market was continuing to firming up. Baltic Panamax Index rose 12.81 percent week over week.
The Baltic Exchang ...
Friday, 31 March 17
U.S. COAL PRODUCTION INCREASE SLIGHTLY WEEK OVER WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.5 million short tons ...
Thursday, 30 March 17
WHERE AN AGREEMENT FAILS TO DELIVER - WATSON FARLEY & WILLIAMS
KNOWLEDGE TO ELEVATE
Watson Farley & Williams acted for MRI Trading AG in a leading case on ‘agreements to agree’ that was fin ...
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- Sinarmas Energy and Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- Formosa Plastics Group - Taiwan
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- CNBM International Corporation - China
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- PTC India Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- Global Green Power PLC Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- Simpson Spence & Young - Indonesia
- Bharathi Cement Corporation - India
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- Global Business Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Australian Coal Association
- European Bulk Services B.V. - Netherlands
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- Videocon Industries ltd - India
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- Commonwealth Bank - Australia
- Meenaskhi Energy Private Limited - India
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Price Waterhouse Coopers - Russia
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- McConnell Dowell - Australia
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- London Commodity Brokers - England
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- Gujarat Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Savvy Resources Ltd - HongKong
- GMR Energy Limited - India
- Mercator Lines Limited - India
- Rio Tinto Coal - Australia
- Planning Commission, India
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- South Luzon Thermal Energy Corporation
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- Anglo American - United Kingdom
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- Oldendorff Carriers - Singapore
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- Independent Power Producers Association of India
- Krishnapatnam Port Company Ltd. - India
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- Siam City Cement PLC, Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- Directorate General of MIneral and Coal - Indonesia
- Kaltim Prima Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- Cement Manufacturers Association - India
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Grasim Industreis Ltd - India
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Kartika Selabumi Mining - Indonesia
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Renaissance Capital - South Africa
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Ministry of Transport, Egypt
- The University of Queensland
- Heidelberg Cement - Germany
- Semirara Mining Corp, Philippines
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