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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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Tuesday, 08 March 22
RUSSIA-UKRAINE CONFLICT ADDS IMPETUS TO ASIA'S ENERGY TRANSITION - IEEFA
Clean energy alternatives are a crucial hedge against future disruptions in global commodity markets
Russia’s invasion of Ukra ...
Tuesday, 08 March 22
THE HIGH COST OF INDONESIA’S DOWNSTREAM COAL PROJECTS IS UNDERESTIMATED - IEEFA
Three Indonesian ministries have come up with a DME purchase price of US$378/tonne fixed for 20 years compared to IEEFA’s US$601/tonne estima ...
Wednesday, 02 March 22
SHIPPING MARKET INSIGHT - INTERMODAL
The escalating confrontation between Russia and Ukraine has the potential to disrupt global order and set the world back a few decades. While count ...
Tuesday, 22 February 22
THE DRY BULK MARKET HAS MOVED ON A POSITIVE TRACK - ALLIED
The dry bulk market has moved on a positive track as of the past couple of weeks or so. Following the typical softening in freight conditions durin ...
Tuesday, 22 February 22
CHINA'S DAILY OUTPUT OF COAL REBOUNDS TO OVER 12 MLN TONNES - REUTERS
China’s coal output returned to more than 12 million tonnes per day as of Feb. 20, the country’s state planner said on Monday, a level ...
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- Cement Manufacturers Association - India
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- OPG Power Generation Pvt Ltd - India
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- Planning Commission, India
- Timah Investasi Mineral - Indoneisa
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- MS Steel International - UAE
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- AsiaOL BioFuels Corp., Philippines
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- Vedanta Resources Plc - India
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Aditya Birla Group - India
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- Directorate Of Revenue Intelligence - India
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- The University of Queensland
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Indonesian Coal Mining Association
- Mercuria Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- Anglo American - United Kingdom
- Minerals Council of Australia
- Romanian Commodities Exchange
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Global Coal Blending Company Limited - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Sree Jayajothi Cements Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Siam City Cement - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Mining Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Miang Besar Coal Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- VISA Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- London Commodity Brokers - England
- Bharathi Cement Corporation - India
- Coastal Gujarat Power Limited - India
- Thai Mozambique Logistica
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
- Star Paper Mills Limited - India
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- Holcim Trading Pte Ltd - Singapore
- Tamil Nadu electricity Board
- Sindya Power Generating Company Private Ltd
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
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