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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, 17 February 22
MAJOR INSTITUTIONS PROVIDED OVER $1.5 TRLN TO COAL SECTOR IN 2019-2021, SAYS NGO GROUP - REUTERS
Financial institutions channelled more than $1.5 trillion into the coal industry in loans and underwriting from January 2019 to November 2021, even ...
Thursday, 17 February 22
APAC THERMAL COAL PRICES TO EASE ON END OF INDONESIA EXPORT BAN - FITCH RATINGS
Fitch Ratings-Shanghai/Singapore-14 February 2022: APAC thermal coal prices are likely to come under pressure in the near term due to seasonally we ...
Tuesday, 15 February 22
IS ANOTHER COAL SHORTAGE CRISIS LOOMING OVER INDIA? - BUSINESS STANDARD
In December last year, the Federation of Indian Mineral Industries (FIMI) shot off a letter to the Prime Minister claiming that the coal crisis was ...
Tuesday, 15 February 22
THERMAL COAL'S RECORD PRICE RUN MAY END UP ITS OWN WORST ENEMY - REUTERS
The price of benchmark Australian thermal coal rose last week to trade near record highs, providing a short-term boost to producers but increasing ...
Thursday, 10 February 22
INDONESIA: COAL EXPORT BAN - SKULD
Indonesia's coal export ban in the light of force majeure and off-hire clauses
In January 2022, Indonesia, the world's biggest exporte ...
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- Vijayanagar Sugar Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Parliament of New Zealand
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- Australian Coal Association
- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- Thai Mozambique Logistica
- Uttam Galva Steels Limited - India
- Lanco Infratech Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- White Energy Company Limited
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- Makarim & Taira - Indonesia
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- VISA Power Limited - India
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- Minerals Council of Australia
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Bayan Resources Tbk. - Indonesia
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- Kobexindo Tractors - Indoneisa
- Indo Tambangraya Megah - Indonesia
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- Bharathi Cement Corporation - India
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Kideco Jaya Agung - Indonesia
- Kaltim Prima Coal - Indonesia
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- Global Business Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Antam Resourcindo - Indonesia
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- Anglo American - United Kingdom
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- Dalmia Cement Bharat India
- Bukit Baiduri Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- Planning Commission, India
- South Luzon Thermal Energy Corporation
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- London Commodity Brokers - England
- Posco Energy - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- PTC India Limited - India
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- Riau Bara Harum - Indonesia
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- Mercator Lines Limited - India
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
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