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