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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, 27 January 22
2022 - A YEAR OF REBALANCING FOR METALS AND MINING - WOOD MACKENZIE
If 2021 was the year of rebound for metals and mining (M&M) commodities, then 2022 is shaping as the year of rebalance, says Wood Mackenzie, a ...
Wednesday, 26 January 22
MARKET INSIGHT - INTERMODAL
While it is logical that most of the S&P reports of the first weeks of the year are linked to very limited activity as reflected in the weekly ...
Wednesday, 26 January 22
INDONESIA: DME PROJECT IS ECONOMICALLY VIABLE AS STUDY DEMONSTRATES
The government is encouraging downstream coal processing or increase in coal added value, for example by turning coal into Dimethyl Ether (DME) to ...
Wednesday, 26 January 22
COMMODITY PRICES COULD SOAR IF THE RUSSIA-UKRAINE CRISIS ESCALATES - ING
It appears that a number of commodity markets are starting to at least price in some geopolitical risk around the growing tension between Russia an ...
Wednesday, 26 January 22
INDONESIA'S COAL BAN SENDS PRICES SOARING, OTHER EXPORTERS FAIL TO STEP UP - REUTERS
Indonesia’s short-lived ban on exporting coal has sent ructions through the seaborne market for the fuel in Asia, with the fallout likely to ...
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- Meralco Power Generation, Philippines
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- Grasim Industreis Ltd - India
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Wood Mackenzie - Singapore
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- PTC India Limited - India
- Baramulti Group, Indonesia
- Makarim & Taira - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Videocon Industries ltd - India
- Parliament of New Zealand
- Toyota Tsusho Corporation, Japan
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- Attock Cement Pakistan Limited
- Bayan Resources Tbk. - Indonesia
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
- The University of Queensland
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Africa Commodities Group - South Africa
- Mercuria Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- Leighton Contractors Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- Indian Oil Corporation Limited
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- Sindya Power Generating Company Private Ltd
- Semirara Mining and Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Ministry of Transport, Egypt
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- Economic Council, Georgia
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Bukit Makmur.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Gujarat Sidhee Cement - India
- The State Trading Corporation of India Ltd
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- Jindal Steel & Power Ltd - India
- Savvy Resources Ltd - HongKong
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- Formosa Plastics Group - Taiwan
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Heidelberg Cement - Germany
- Global Coal Blending Company Limited - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Pendopo Energi Batubara - Indonesia
- Ambuja Cements Ltd - India
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- VISA Power Limited - India
- Bhatia International Limited - India
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
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