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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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Friday, 20 August 21
ARE WE LOOKING AT THE NEXT DRY BULK SUPER CYCLE? IS IT EVEN A CYCLE? - BIMCO
Throughout the first half of the year, talk of a new dry bulk super cycle has been on many lips as commodity prices have soared to multi-year highs ...
Friday, 20 August 21
BIMCO'S SHIPPING NUMBER OF THE WEEK: CHINESE IRON ORE IMPORTS FALL TO 14-MONTH LOW IN JULY - PETER SAND
Chinese iron ore imports fell to 88.5 million tonnes in July, the lowest level since May 2020. The fall in July means that accumulated imports are ...
Friday, 20 August 21
SOARING DEMAND FOR THE WORLD’S LEAST-LIKED COMMODITY SEES THERMAL COAL PRICES JUMP 106% THIS YEAR - CNBC
Soaring electricity demand, infrastructure woes and a surge in global gas prices have triggered an extraordinary rally for the world’s least ...
Friday, 20 August 21
CHINA’S IRON ORE IMPORTS CONTRACTED YEAR-ON-YEAR BY 2% IN 2018 AND GREW YEAR-ON-YEAR BY ONLY 1% IN 2019 - COMMODORE RESEARCH
Examining the last ten years of China’s crude steel output and iron ore imports shows that China’s iron ore imports have stayed r ...
Friday, 13 August 21
INDONESIA’S COAL EXPORTS TO JAPAN DECLINED BY -26.3% YOY TO 11.9 MLN TONNES IN THE FIRST 7 MONTHS OF 2021; STILL THE SECOND LARGEST SOURCE FOR JAPAN’S COAL IMPORTS IS INDONESIA - BANCHERO COSTA
2020 proved to be a truly terrible year for global seaborne coal trade. Total global loadings in the 12 months of 2020 were down -12.7% year-on-yea ...
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- Barasentosa Lestari - Indonesia
- Thai Mozambique Logistica
- White Energy Company Limited
- Eastern Energy - Thailand
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Kideco Jaya Agung - Indonesia
- Romanian Commodities Exchange
- Indonesian Coal Mining Association
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- Planning Commission, India
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- MS Steel International - UAE
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sarangani Energy Corporation, Philippines
- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- VISA Power Limited - India
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- London Commodity Brokers - England
- SMC Global Power, Philippines
- Ind-Barath Power Infra Limited - India
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- PTC India Limited - India
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- Electricity Authority, New Zealand
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Indian Energy Exchange, India
- Ministry of Mines - Canada
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- Samtan Co., Ltd - South Korea
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- Grasim Industreis Ltd - India
- Posco Energy - South Korea
- Interocean Group of Companies - India
- The University of Queensland
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- Cigading International Bulk Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- Merrill Lynch Commodities Europe
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Uttam Galva Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Attock Cement Pakistan Limited
- Bhoruka Overseas - Indonesia
- Lanco Infratech Ltd - India
- Parry Sugars Refinery, India
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- Metalloyd Limited - United Kingdom
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
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