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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, 02 February 22
COAL STORAGE IN CHINA’S POWER PLANTS NEAR RECORD HIGHS - XINHUA
Coal inflows into China’s power plants have picked up, bringing their coal storage to near record highs, the National Development and Reform ...
Wednesday, 02 February 22
MARKET INSIGHT - INTERMODAL
Oil prices have rallied to the highest level since October 2014 breaking above $90/bbl recently. November 2014 was the point when OPEC unleashed pr ...
Monday, 31 January 22
HOW INDONESIA'S COAL EXPORT BAN COULD IMPACT INDIA - IEEFA
What does it mean for power generation and energy security?
Not long ago, India faced coal shortages due to a decline in domestic co ...
Sunday, 30 January 22
AIR PRODUCTS' COAL GASIFICATION PROPOSAL TRIGGERS LOOMING POLICY DISPUTES IN INDONESIA - IEEFA
Plan to substitute Indonesia’s LPG imports with dimethyl ether may be hard to realize due to conflicting business interests
In ...
Sunday, 30 January 22
ENDGAME FOR NEW COAL POWER PROJECTS? - IEEFA INDIA
Retired coal units must be replaced only by assets that can provide grid flexibility
Reportedly, an expert committee appointed by th ...
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- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meralco Power Generation, Philippines
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- Kepco SPC Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- Coastal Gujarat Power Limited - India
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- Timah Investasi Mineral - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Economic Council, Georgia
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Carbofer General Trading SA - India
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Kaltim Prima Coal - Indonesia
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Baiduri Energy - Indonesia
- Oldendorff Carriers - Singapore
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Billiton Holdings Pty Ltd - Australia
- The University of Queensland
- Trasteel International SA, Italy
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- Africa Commodities Group - South Africa
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- PTC India Limited - India
- India Bulls Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Iligan Light & Power Inc, Philippines
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- Parry Sugars Refinery, India
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- CNBM International Corporation - China
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- Kartika Selabumi Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- Romanian Commodities Exchange
- VISA Power Limited - India
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Standard Chartered Bank - UAE
- Australian Coal Association
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Tata Chemicals Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- Parliament of New Zealand
- Thai Mozambique Logistica
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- LBH Netherlands Bv - Netherlands
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- Deloitte Consulting - India
- Latin American Coal - Colombia
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Toyota Tsusho Corporation, Japan
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Independent Power Producers Association of India
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- Larsen & Toubro Limited - India
- Maheswari Brothers Coal Limited - India
- Gujarat Sidhee Cement - India
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
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