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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, 30 March 17
PANAMAX : ACTIVITY IN THE PANAMAX MARKET HAS INCREASED SUBSTANTIALLY IN BOTH HEMISPHERES - FEARNLEYS
Supramax
This week we were looking at prolonged activity from ECSA, mostly with grain cargoes to Far East and SE Asia, where Ultras to SE Asia fi ...
Thursday, 30 March 17
THE ROLE OF COAL IN THE ENERGY SUPPLY OF THE EU-28: HANS-WILHELM SCHIFFER
The European Union (EU-28) is one of the largest economies in the world, with a gross domestic product (GDP) of €14,635 billion in 2015. It ha ...
Wednesday, 29 March 17
MARKET INSIGHT - NASOS SOULAKIS
Shipowners will always look for market signals in order to gauge market perception and decide upon which strategy to follow next. And while owners ...
Monday, 27 March 17
THE FREIGHT MARKET CONTINUED TO FIRM WEEK OVER WEEK
COALspot.com: The Freight market was continuing to firming up.
The Baltic Exchange, tracking rates for ships carrying dry bulk commodities ros ...
Friday, 24 March 17
ADARO INDONESIA'S COAL SALES VOLUME INCREASED SLIGHTLY TO 54.1 MILLION TONES IN 2016
COALspot.com: PT. Adaro Indonesia, Indonesia’s second largest coal miner’s sales volume increased slightly to 54.1 million tones (Mt) i ...
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- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- Indika Energy - Indonesia
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Grasim Industreis Ltd - India
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- Ambuja Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- Maheswari Brothers Coal Limited - India
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- Larsen & Toubro Limited - India
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Mercator Lines Limited - India
- Ceylon Electricity Board - Sri Lanka
- PTC India Limited - India
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Samtan Co., Ltd - South Korea
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- VISA Power Limited - India
- The University of Queensland
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- Semirara Mining and Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- Indian Energy Exchange, India
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Bukit Makmur.PT - Indonesia
- PowerSource Philippines DevCo
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- The State Trading Corporation of India Ltd
- Australian Coal Association
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Holcim Trading Pte Ltd - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- International Coal Ventures Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Romanian Commodities Exchange
- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- Aditya Birla Group - India
- Global Business Power Corporation, Philippines
- Tamil Nadu electricity Board
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
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