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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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- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sindya Power Generating Company Private Ltd
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Minerals Council of Australia
- Tamil Nadu electricity Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Tata Chemicals Ltd - India
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Vedanta Resources Plc - India
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Power Finance Corporation Ltd., India
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- The Treasury - Australian Government
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- Miang Besar Coal Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- Romanian Commodities Exchange
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- Uttam Galva Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- IEA Clean Coal Centre - UK
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- Heidelberg Cement - Germany
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- VISA Power Limited - India
- Australian Commodity Traders Exchange
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- Straits Asia Resources Limited - Singapore
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- Kumho Petrochemical, South Korea
- Bayan Resources Tbk. - Indonesia
- Salva Resources Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- CNBM International Corporation - China
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- SN Aboitiz Power Inc, Philippines
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