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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, 26 November 21
CHINA FINDS COMPLIANCE PROBLEMS IN COAL PRICE INDEX PROBE - REUTERS
China’s state planner on Wednesday said it had discovered some “noncompliant” behaviour among coal price index providers as it an ...
Thursday, 25 November 21
SE ASIA POWER DEMAND TO RISE AS STATE SUPPORT MITIGATES COVID-19 IMPACT - FITCH RATINGS
Electricity demand in south-east Asia is likely to increase in 2021, following slow growth or contraction in 2020, thanks to state support that has ...
Thursday, 25 November 21
FITCH RATINGS INCREASES MOST GLOBAL METALS AND MINING PRICE ASSUMPTIONS - FITCH RATINGS
Fitch Ratings has increased most metals and mining price assumptions, particularly those that benefit from increased longer-term demand due to glob ...
Thursday, 25 November 21
CHINA'S COAL PRICE DROPS IN MID-NOVEMBER AMID GOVERNMENT’S SWEEPING MEASURES - GLOBAL TIMES
China’s coal prices have dropped significantly in mid-November compared with the beginning of the month, with the price of coking coal and co ...
Wednesday, 24 November 21
MARKET INSIGHT - INTERMODAL
Inflation is the word that has dominated the meetings of foreign leaders and finance ministers in recent weeks, as rising energy costs, supply chai ...
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- Larsen & Toubro Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Coalindo Energy - Indonesia
- Standard Chartered Bank - UAE
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- Chamber of Mines of South Africa
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Videocon Industries ltd - India
- Cigading International Bulk Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- The University of Queensland
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- Sojitz Corporation - Japan
- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- TeaM Sual Corporation - Philippines
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- Marubeni Corporation - India
- Sical Logistics Limited - India
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Energy Link Ltd, New Zealand
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- White Energy Company Limited
- GVK Power & Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Planning Commission, India
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- Meenaskhi Energy Private Limited - India
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- Australian Coal Association
- London Commodity Brokers - England
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- MS Steel International - UAE
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Tamil Nadu electricity Board
- Ministry of Finance - Indonesia
- India Bulls Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- Kobexindo Tractors - Indoneisa
- San Jose City I Power Corp, Philippines
- Coal and Oil Company - UAE
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- PowerSource Philippines DevCo
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- Holcim Trading Pte Ltd - Singapore
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- Ministry of Transport, Egypt
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- Power Finance Corporation Ltd., India
- PNOC Exploration Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Edison Trading Spa - Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Gujarat Mineral Development Corp Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- Energy Development Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- Trasteel International SA, Italy
- Deloitte Consulting - India
- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Maharashtra Electricity Regulatory Commission - India
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