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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, 13 October 21
MARKET INSIGHT - INTERMODAL
Following up on our insight on May 2021, where we discussed about the Capesize market outlook for the second half of the year, we are pleased to se ...
Wednesday, 13 October 21
FBX INDEX: THE IMPOSSIBILITY OF SHORT-TERM FORECASTING - LARS JENSEN
Will freight rates on Asia-Europe or the Transpacific reach 40.000 USD/FFE in the run-up prior to Chinese New Year 2022? Or will they start droppin ...
Wednesday, 13 October 21
CHINA FLOODS: COAL PRICE HITS FRESH HIGH AS MINES SHUT - BBC
The price of coal used in China’s power plants has surged to a new record high as another of the country’s key mining regions is hit by ...
Tuesday, 12 October 21
BUMA SIGNS CONDITIONAL AGREEMENT FOR AUSTRALIAN ASSET ACQUISITION
PT Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama, through its newly incorporated Australian subsidiary, BUMA International Pty ...
Tuesday, 12 October 21
INDONESIA'S COAL-BASED POWER PLANTS ARE SUBJECT TO CARBON TAX NEXT YEAR, ELECTRICITY COSTS COULD RISE! - CNBC
The Indonesian government is planning plans to implement a carbon tax of IDR 30 per kilogram (kg) of carbon dioxide equivalent (CO2e) or equivalent ...
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- ICICI Bank Limited - India
- CNBM International Corporation - China
- Price Waterhouse Coopers - Russia
- McConnell Dowell - Australia
- White Energy Company Limited
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Xindia Steels Limited - India
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Orica Australia Pty. Ltd.
- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- Global Coal Blending Company Limited - Australia
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- MS Steel International - UAE
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- Anglo American - United Kingdom
- TeaM Sual Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Coal and Oil Company - UAE
- Economic Council, Georgia
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- Siam City Cement - Thailand
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Rio Tinto Coal - Australia
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- PTC India Limited - India
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- The University of Queensland
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
- International Coal Ventures Pvt Ltd - India
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- Posco Energy - South Korea
- Kepco SPC Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Wilmar Investment Holdings
- Central Electricity Authority - India
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- GMR Energy Limited - India
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- South Luzon Thermal Energy Corporation
- Vedanta Resources Plc - India
- Petron Corporation, Philippines
- Parliament of New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- Uttam Galva Steels Limited - India
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- New Zealand Coal & Carbon
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- Heidelberg Cement - Germany
- Holcim Trading Pte Ltd - Singapore
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- Manunggal Multi Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
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