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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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Tuesday, 26 October 21
CHINA'S COAL-RICH SHANXI BEEFS UP COAL PRODUCTION - XINHUA
Major coal producers in north China’s Shanxi Province, a leading coal-producing region of the country, have beefed up production to ensure en ...
Tuesday, 26 October 21
ENERGY CRISIS SHOWS COAL IS AN EXPENSIVE AND UNRELIABLE SOURCE OF ELECTRICITY GENERATION - IEEFA
Any knee-jerk reaction that urges more investment in coal completely misses the point
India is teetering on the brink of joining a growing glo ...
Tuesday, 26 October 21
CHINA TO INVESTIGATE ENERGY INDEX PROVIDERS IN BID TO TAME COAL PRICES - REUTERS
China said on Monday it will investigate energy price index providers as it urged coal industry participants to “strictly” meet contrac ...
Tuesday, 26 October 21
THERE IS PLENTY OF COAL AND GAS IN THE WORLD BUT A VOLATILE MARKET IS NOBODY'S FRIEND - IEEFA
Gas will be winding its way out of the energy system
Gas prices are continuing to surge around the world. The cost of gas is at unpr ...
Tuesday, 26 October 21
AUSTRALIA EXPORTED 51.6 MLN TONNES OF COAL TO INDIA IN FIRST 10 MONTHS, 19% OF ALL AUSTRALIAN COAL EXPORTS; CHINA WAS THE DESTINATION FOR JUST 0.7% - BANCHERO COSTA
2020 proved to be a truly terrible year for global seaborne coal trade. In 2021 things started pretty badly, but we are seeing increasing signs of ...
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- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- South Luzon Thermal Energy Corporation
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Jindal Steel & Power Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- ASAPP Information Group - India
- Grasim Industreis Ltd - India
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Aditya Birla Group - India
- Indian Energy Exchange, India
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- Singapore Mercantile Exchange
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- CNBM International Corporation - China
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
- Malabar Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- VISA Power Limited - India
- SMG Consultants - Indonesia
- Meralco Power Generation, Philippines
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Banpu Public Company Limited - Thailand
- Renaissance Capital - South Africa
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- Billiton Holdings Pty Ltd - Australia
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- Borneo Indobara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- Baramulti Group, Indonesia
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- Bulk Trading Sa - Switzerland
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- GMR Energy Limited - India
- Commonwealth Bank - Australia
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Wilmar Investment Holdings
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- PNOC Exploration Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- Energy Link Ltd, New Zealand
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- Australian Coal Association
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Orica Australia Pty. Ltd.
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