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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, 20 August 21
ARE WE LOOKING AT THE NEXT DRY BULK SUPER CYCLE? IS IT EVEN A CYCLE? - BIMCO
Throughout the first half of the year, talk of a new dry bulk super cycle has been on many lips as commodity prices have soared to multi-year highs ...
Friday, 20 August 21
BIMCO'S SHIPPING NUMBER OF THE WEEK: CHINESE IRON ORE IMPORTS FALL TO 14-MONTH LOW IN JULY - PETER SAND
Chinese iron ore imports fell to 88.5 million tonnes in July, the lowest level since May 2020. The fall in July means that accumulated imports are ...
Friday, 20 August 21
SOARING DEMAND FOR THE WORLD’S LEAST-LIKED COMMODITY SEES THERMAL COAL PRICES JUMP 106% THIS YEAR - CNBC
Soaring electricity demand, infrastructure woes and a surge in global gas prices have triggered an extraordinary rally for the world’s least ...
Friday, 20 August 21
CHINA’S IRON ORE IMPORTS CONTRACTED YEAR-ON-YEAR BY 2% IN 2018 AND GREW YEAR-ON-YEAR BY ONLY 1% IN 2019 - COMMODORE RESEARCH
Examining the last ten years of China’s crude steel output and iron ore imports shows that China’s iron ore imports have stayed r ...
Friday, 13 August 21
INDONESIA’S COAL EXPORTS TO JAPAN DECLINED BY -26.3% YOY TO 11.9 MLN TONNES IN THE FIRST 7 MONTHS OF 2021; STILL THE SECOND LARGEST SOURCE FOR JAPAN’S COAL IMPORTS IS INDONESIA - BANCHERO COSTA
2020 proved to be a truly terrible year for global seaborne coal trade. Total global loadings in the 12 months of 2020 were down -12.7% year-on-yea ...
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- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Videocon Industries ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Minerals Council of Australia
- Therma Luzon, Inc, Philippines
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Straits Asia Resources Limited - Singapore
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- ASAPP Information Group - India
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Kobexindo Tractors - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- Planning Commission, India
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Mineral Development Corp Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Parliament of New Zealand
- Medco Energi Mining Internasional
- White Energy Company Limited
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Alfred C Toepfer International GmbH - Germany
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- Price Waterhouse Coopers - Russia
- Power Finance Corporation Ltd., India
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- CNBM International Corporation - China
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- IHS Mccloskey Coal Group - USA
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- Romanian Commodities Exchange
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- OPG Power Generation Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Ministry of Finance - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- VISA Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- Dalmia Cement Bharat India
- PTC India Limited - India
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- Indogreen Group - Indonesia
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- PetroVietnam Power Coal Import and Supply Company
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
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