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Wednesday, 29 September 21
MARKET INSIGHT - INTERMODAL
 Tanker Asset values have surprised to the upside, despite the downward pressure on the freight market. Tanker rates have been hovering close to their historical lows throughput the year, however asset values have disconnected from the market trend responding to higher steel prices and a countercyclical investment behavior, stemming from oil demand recovery expectations. As a matter of fact, across all tanker segments, values of wet tonnage enjoyed a significant uptrend since the beginning of the year with notable SnP interest in older units for the most part of the year.
In the larger sizes, a representative sale of this trend could be the FOS (307KDWT 2002 Hyundai) which achieved a price of $28m, significantly higher than when compared to the August sale of M/T KOS (306kdwt 2001 Daewoo) which fetched a price in the region of $26 million or even the sale of Maran Cygnus (306kdwt 2001 Daewoo) which fetched $23,7 million in Q1-2021. Moreover, the Olympic Legend (309kdwt 2003 Samsung) was sold for region $31 million in July, while in January the Pantariste (309kdwt 2002 Samsung) was sold for xs $23 million.
Another sale following this trend in the larger sizes would be Jag Lata (105kdwt 2003 Hyundai) which was sold in the region of $ 13,5 million during this quarter, compared to the same aged Aegean Freedom (106kdwt 2003 Hyundai) sold in February 2021 at a price in the high 10s.
At the same time, as far as modern sale candidates are concerned, the trend continues in the sales of LR2 vessels, Cabo Misaki (74kdwt 2017 Sungdong) which achieved around $32 million within August, while the Nord Lavender (74kdwt 2017 Sungdong) got sold for xs $31 million in May.
Looking at the smaller sizes, latest sales in the last couple of weeks show the BWTS fitted Justice Express (46kdwt 2011 Shin Kurushima) managing to fetch $ 17 million, around 6% more than the last same-aged Mearsk Miyajima (48kdwt 2011 Iwagi) also fitted with BWTS which got sold in May for around $16m. In addition to that, New Breeze (48kdwt 2010 Iwagi) changed hands in July for $15,5 million, while sister vessel Bright Fortune achieved high $ 13 million back in February, both vessels fitted with BWTS and with similar dates for SS/DD.
This is without a doubt a positive sign and one could be reservedly optimistic that asset prices are going to continue to rise. The way the SnP tanker trend develops, and factoring in the rise in bunker prices, it seems that we could be in for a further upward repricing point with the focus potentially shifting on younger units
By Nassos Soulakis,
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Yiannis Parganas
Tamara Apostolou
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, 26 August 21
INDIA IMPORTED 17.06 MLN TONNES OF LPG IN 2020; UP 11.5% Y-O-Y
Global LPG trade remained fairly positive in 2020, despite the global economic impact from COVID-19, and surged strongly in the first half of 2021. ...
Thursday, 26 August 21
MARKET INSIGHT - INTERMODAL
24th of August 2021, the Baltic Dry Index reached 4,201, a YTD high and the highest since May 2010.
Cape 5TC daily average @ 51,472
...
Tuesday, 24 August 21
COAL PRICE RALLY TO PRESSURE CHINESE POWER GENCOS’ MARGINS FITCH RATINGS
Fitch Ratings expects the pressure on Chinese power generation companies’ (gencos) profit from the recent coal price surge to weaken their cr ...
Tuesday, 24 August 21
TIGHT POWER SUPPLY IN CHINA AMID STRONG DEMAND, HIGH COAL PRICES - FITCH RATINGS
China experienced tight power supply in 1H21 on stronger than expected power demand as economic activity continued to recover, Fitch Ratings says i ...
Monday, 23 August 21
CHINESE COAL PRODUCTION RISES 4.9 PCT IN 1ST 7 MONTHS OF 2021 - NBS
Official figures demonstrated that the Chinese raw coal production surged 4.9 percent annually to 2.26 billion tonnes in the January-July period of ...
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- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- Cement Manufacturers Association - India
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- Oldendorff Carriers - Singapore
- Meralco Power Generation, Philippines
- Bukit Baiduri Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- IEA Clean Coal Centre - UK
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- The Treasury - Australian Government
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- Toyota Tsusho Corporation, Japan
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Bhoruka Overseas - Indonesia
- Orica Australia Pty. Ltd.
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- Independent Power Producers Association of India
- Maheswari Brothers Coal Limited - India
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- ASAPP Information Group - India
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- Aditya Birla Group - India
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- Attock Cement Pakistan Limited
- Timah Investasi Mineral - Indoneisa
- European Bulk Services B.V. - Netherlands
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- Central Java Power - Indonesia
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- Kumho Petrochemical, South Korea
- The University of Queensland
- GMR Energy Limited - India
- Kideco Jaya Agung - Indonesia
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- Metalloyd Limited - United Kingdom
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- Coastal Gujarat Power Limited - India
- Deloitte Consulting - India
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- White Energy Company Limited
- Posco Energy - South Korea
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- Australian Coal Association
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Jorong Barutama Greston.PT - Indonesia
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- Minerals Council of Australia
- Maharashtra Electricity Regulatory Commission - India
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