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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, 04 February 22
RENEWABLES ON THE RISE, COAL CONTINUOUSLY FALLING - EUROPEAN COMMISSION
Although oil (34.5%) and natural gas (23.7%) were still the most important fuel sources in the EU energy mix in 2020, renewable energy’s shar ...
Thursday, 03 February 22
COAL SHORTAGE NOW AT ALARMING LEVELS, SAY ALUMINIUM PRODUCERS - IANS
With no relief in sight despite coal stocks running critically low and production disruptions looming across the Indian aluminium sector, the Alumi ...
Wednesday, 02 February 22
HIGH COKING COAL PRICES PROVIDE GLIMPSE INTO STEELMAKING'S FUTURE - MCKINSEY
Last year was a volatile one in global commodity markets. Demand for coking coal, an essential raw material in the production of steel, was extreme ...
Wednesday, 02 February 22
INDONESIA'S RESTRICTIONS ON COMMODITIES RATTLE MARKETS, MORE MOVES LIKELY - REUTERS
In just the first month of this year, Indonesian policymakers have rattled global markets with restrictions on some of its biggest commodities expo ...
Wednesday, 02 February 22
CHINA'S TOP COAL PRODUCER FORECASTS 28 PCT PROFIT GROWTH IN 2021 - XINHUA
China Shenhua Energy Company Limited, one of the country’s biggest coal producers, said its net profits are expected to jump by 28 percent in ...
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- Karaikal Port Pvt Ltd - India
- Grasim Industreis Ltd - India
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- CIMB Investment Bank - Malaysia
- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- White Energy Company Limited
- Interocean Group of Companies - India
- Leighton Contractors Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- Sical Logistics Limited - India
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Malabar Cements Ltd - India
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- Sindya Power Generating Company Private Ltd
- Sinarmas Energy and Mining - Indonesia
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Ministry of Finance - Indonesia
- The University of Queensland
- MS Steel International - UAE
- The State Trading Corporation of India Ltd
- Global Green Power PLC Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- Banpu Public Company Limited - Thailand
- Latin American Coal - Colombia
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Marubeni Corporation - India
- London Commodity Brokers - England
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- Planning Commission, India
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- PTC India Limited - India
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- Gujarat Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Posco Energy - South Korea
- Australian Coal Association
- Oldendorff Carriers - Singapore
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
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