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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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Wednesday, 12 May 21
MARKET INSIGHT - INTERMODAL
Tanker S&P is finally back!
For an extended period, Dry bulk & Wet market rates have been diverging, with the SnP deals on each sect ...
Monday, 10 May 21
PAKISTAN: COAL GASIFICATION AND LIQUEFACTION HARMFUL TO ECONOMY - IEEFA
There is no second life for coal
Pakistan’s intention to use coal for power production through gasification and liquefaction technologie ...
Sunday, 09 May 21
HERE'S WHY INVESTORS ARE POURING MONEY INTO COAL, DESPITE ITS BLEAK FUTURE - FORBES
Coal stocks have surged this year – along with the wider energy sector – but experts warn these are likely short-term gains for an indu ...
Sunday, 09 May 21
MAYBANK TO STOP COAL FINANCING - BERNAMA
Malayan Banking Bhd (Maybank) will stop financing new coal activities as part of its sustainable agenda.
Currently, coal financing m ...
Saturday, 08 May 21
LNG-TO-POWER INVESTORS IN THE PHILIPPINES RISK EXPOSURE TO $14 BILLION IN STRANDED ASSETS - IEEFA
High regulatory and financial uncertainty in the Philippines market
The race to develop liquified natural gas (LNG) facilities in th ...
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- Minerals Council of Australia
- Bukit Makmur.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- VISA Power Limited - India
- Indonesian Coal Mining Association
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- Uttam Galva Steels Limited - India
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Coal and Oil Company - UAE
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- Karbindo Abesyapradhi - Indoneisa
- PNOC Exploration Corporation - Philippines
- Lanco Infratech Ltd - India
- OPG Power Generation Pvt Ltd - India
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- Indian Oil Corporation Limited
- Electricity Generating Authority of Thailand
- Altura Mining Limited, Indonesia
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- CNBM International Corporation - China
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- Independent Power Producers Association of India
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Jaiprakash Power Ventures ltd
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Romanian Commodities Exchange
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Eastern Coal Council - USA
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Electricity Authority - India
- Planning Commission, India
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Carbofer General Trading SA - India
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- The Treasury - Australian Government
- White Energy Company Limited
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- MS Steel International - UAE
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- The University of Queensland
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Vedanta Resources Plc - India
- Orica Mining Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
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