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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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Monday, 27 September 21
CHINESE COAL FIRMS MEET TO ADDRESS WINTER SUPPLY CHALLENGES - CNBC
Major Chinese coal producers are trying to resolve supply shortages and curb price rises as the country’s winter consumption peak approaches, ...
Saturday, 25 September 21
HIGH STAKES FOR ASIAN DEVELOPMENT BANK’S AMBITIOUS COAL POWER RETIREMENT PLAN - IEEFA
Implementation challenges could block funding for other equally important high impact clean energy funding strategies
In the lead up ...
Thursday, 23 September 21
LONGER COAL CONTRACTS MAY REIN IN PRICES - ECNS
In China’s coal sector that has been marred recently by price surges, regional authorities and related enterprises should ensure the fuel con ...
Thursday, 23 September 21
BALTIC INDEX HITS 12-YEAR PEAK ON FIRMER VESSELS RATES - REUTERS
The Baltic Exchange’s main dry bulk sea freight index rose for a fourth straight session on Wednesday to a 12-year high, buoyed by higher rat ...
Thursday, 23 September 21
RECORD-HIGH GAS PRICES AFFECT MANY EUROPEAN CORPORATE SECTORS - FITCH RATINGS
Record-high natural gas prices are putting pressure on supply chains of many European corporate sectors, including non-integrated energy suppliers, ...
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- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- Australian Coal Association
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Barasentosa Lestari - Indonesia
- Coalindo Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- The University of Queensland
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- Aditya Birla Group - India
- Wilmar Investment Holdings
- The State Trading Corporation of India Ltd
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- Sojitz Corporation - Japan
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Eastern Energy - Thailand
- Indian Energy Exchange, India
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- Bulk Trading Sa - Switzerland
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- Parliament of New Zealand
- Energy Link Ltd, New Zealand
- Iligan Light & Power Inc, Philippines
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- Bahari Cakrawala Sebuku - Indonesia
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Vizag Seaport Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- VISA Power Limited - India
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- OPG Power Generation Pvt Ltd - India
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- ICICI Bank Limited - India
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Power Finance Corporation Ltd., India
- London Commodity Brokers - England
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- Borneo Indobara - Indonesia
- Bukit Makmur.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- Posco Energy - South Korea
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Marubeni Corporation - India
- Sakthi Sugars Limited - India
- New Zealand Coal & Carbon
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