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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, 26 August 21
INDIA IMPORTED 17.06 MLN TONNES OF LPG IN 2020; UP 11.5% Y-O-Y
Global LPG trade remained fairly positive in 2020, despite the global economic impact from COVID-19, and surged strongly in the first half of 2021. ...
Thursday, 26 August 21
MARKET INSIGHT - INTERMODAL
24th of August 2021, the Baltic Dry Index reached 4,201, a YTD high and the highest since May 2010.
Cape 5TC daily average @ 51,472
...
Tuesday, 24 August 21
COAL PRICE RALLY TO PRESSURE CHINESE POWER GENCOS’ MARGINS FITCH RATINGS
Fitch Ratings expects the pressure on Chinese power generation companies’ (gencos) profit from the recent coal price surge to weaken their cr ...
Tuesday, 24 August 21
TIGHT POWER SUPPLY IN CHINA AMID STRONG DEMAND, HIGH COAL PRICES - FITCH RATINGS
China experienced tight power supply in 1H21 on stronger than expected power demand as economic activity continued to recover, Fitch Ratings says i ...
Monday, 23 August 21
CHINESE COAL PRODUCTION RISES 4.9 PCT IN 1ST 7 MONTHS OF 2021 - NBS
Official figures demonstrated that the Chinese raw coal production surged 4.9 percent annually to 2.26 billion tonnes in the January-July period of ...
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- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- GMR Energy Limited - India
- Larsen & Toubro Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Wood Mackenzie - Singapore
- Straits Asia Resources Limited - Singapore
- Economic Council, Georgia
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- MS Steel International - UAE
- Sical Logistics Limited - India
- Aditya Birla Group - India
- Georgia Ports Authority, United States
- CNBM International Corporation - China
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- SN Aboitiz Power Inc, Philippines
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Orica Australia Pty. Ltd.
- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Leighton Contractors Pty Ltd - Australia
- Bhushan Steel Limited - India
- Trasteel International SA, Italy
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Energy Development Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- VISA Power Limited - India
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- Vedanta Resources Plc - India
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- Eastern Coal Council - USA
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Kartika Selabumi Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
- Oldendorff Carriers - Singapore
- Indika Energy - Indonesia
- Planning Commission, India
- Wilmar Investment Holdings
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- Intertek Mineral Services - Indonesia
- Uttam Galva Steels Limited - India
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- Australian Coal Association
- AsiaOL BioFuels Corp., Philippines
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- PTC India Limited - India
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- Manunggal Multi Energi - Indonesia
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- The University of Queensland
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- Eastern Energy - Thailand
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
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