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Wednesday, 04 July 18
TANKER MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
 2 years tanker briefing in tanker asset prices
The tanker market is undoubtedly passing one of its’ roughest times over the last years. T/C rates have fallen to very low levels and as a result the resistance that vessels were showing to further decrease on asset prices has started to show signs of cracking. The correction on prices has been evident on mostly larger tonnage.
On the VLs, which are 15-yrs old we have witnessed a large correction on asset prices, which was most pronounced during q2 of 2017. To put things into perspective the “GOOD NEWS” (319,430dwt-blt ’02, S. Korean) was sold to New Shipping in May 2017 for $21.0m, while the price for similar aged unit today remains at the same levels. An example of this is the “ROKKOSAN” (300,257dwt-blt ’03, Japan), which was recently sold to Greek buyers for $21.0m.
In the Suezmax sector, similar price elasticities are also explored. The 12-yr old “EUROGLORY” (166,647dwt-blt ’05, Croatia) was sold to Eurotankers in June 2017 for $20.5m, while the 13-yrs old sisters “UNITED KALAVRYTA” (159,156 dwt-blt ’05, S. Korea) and the “UNITED LEADERSHIP” (159,062 dwt-blt ’05, S.Korea), were sold to Greeks in May 2018 for region $18.0m.
In the Aframax sector we have noted a similar situation with regards to asset prices. However the number of transactions is greater compared to larger segments. This specific size has traditionally attracted the interest of the buyers looking at the bigger tonnages (Vls, Suezmaxes and Afras). Despite the big interest on the specific segment and the competition amongst buyers, asset values remained steadily negative. The “EUROFORCE” (106,361 dwt-blt ’02, Japan) was bought by Eurotankers on February 2017 for $11.5m, while on April 2017 both “BULL SUMATERA” (106,560 dwt-blt ’02, Japan) and the “KALIMANTAN” (106,548 dwt-blt ’02, Japan) were bought by Indonesian buyers for $10.5 each.
On the contrary within April 2018 the “GENER8 DEFIANCE” (105,538 dwt-blt ’02, Japan) sold for $10.2m and two weeks ago the “KRASNODAR” (115,605 dwt-blt ’03, S.Korea) was sold for $9.5m.
Lastly, the MR prices showed the biggest resistance. For a long period of time, sellers of 13-yrs old Korean/Japanese build MRs were declining offers below $10.0. An example is the “BORA” (46,718 dwt-blt ’04, S. Korea), which bought by Unibros during March 2017 for $11.4. The same prices have been noticed during q4 2017. The ex-“SEAWAYS ANDROMAR” (46,195 dwt-blt ’04, S. Korea) and the ex-“SEAWAYS ARIADMAR” (46,205 dwt-blt ’04, S. Korea), were sold to different Greek buyers for $11.2m each. However the picture is changing in 2018. The pressure and the low expectations in wet market have caused a reduction in asset values to levels below $10.0. Within June we have witnessed the below deals: The “ENDEAVOUR” (46,101 dwt-blt ’04, S. Korea) was sold to Greeks for $9.8m and the “BIENDONG MELODY” (45,937 dwt-blt ’04, Japan) was sold for $9.0m.
It is clear that the current asset prices are at a 2-year low. How much further down they can go remains to be seen. Tankers at current prices are definitely the segment that owners and investors should be looking at. While no one is a prophet, you can’t go wrong with the age-old adage of “buy low; sell high”.
By Konstantinos Kontomichis
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
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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Sunday, 11 July 21
COAL SHOWS ITS STAYING POWER AS ECONOMIES BOUNCE BACK - THE WALL STREET JOURNAL
Coal use is surging in some of the world’s largest economies as electricity demand rebounds from the pandemic, illustrating the challenges to ...
Sunday, 11 July 21
ROBUST CHINA COAL DEMAND AMID AUSTRALIA IMPORT BAN FUELS PRICE RALLY - REUTERS
Seaborne coal has become a quiet winner among energy commodities, lacking the attention of higher-profile crude oil and liquefied natural gas (LNG) ...
Saturday, 10 July 21
OVERESTIMATED LCOES OF COAL-FIRED POWER PLANTS CREATE A FINANCIAL BUBBLE - IEEFA
Massive stranded asset risk detrimentally affects the financial and power distribution
India’s future coal-fired power project pipeline ...
Friday, 09 July 21
EIA FORECASTS COAL’S GENERATION SHARE IN U.S TO RISE FROM 20% IN 2020 TO 24% THIS YEAR BUT TO FALL TO 22% NEXT YEAR
The July Short-Term Energy Outlook (STEO) of EIA remains subject to heightened levels of uncertainty related to the ongoing economic recovery from ...
Friday, 09 July 21
KOREA SOUTH-EAST POWER CO., LTD. INVITES BIDS FOR 1.86 MILLION TONS OF COAL OF 5600 & 4000 NCV COAL FOR THREE YEARS
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 280,000 – 300,000 MT of Min. ...
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- Central Electricity Authority - India
- GMR Energy Limited - India
- Coal and Oil Company - UAE
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Bhatia International Limited - India
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- The University of Queensland
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- Lanco Infratech Ltd - India
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- Straits Asia Resources Limited - Singapore
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- Africa Commodities Group - South Africa
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- Rio Tinto Coal - Australia
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- Sical Logistics Limited - India
- Deloitte Consulting - India
- PTC India Limited - India
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- Global Coal Blending Company Limited - Australia
- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Bharathi Cement Corporation - India
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- SMG Consultants - Indonesia
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Bhushan Steel Limited - India
- Aditya Birla Group - India
- Wood Mackenzie - Singapore
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- Chamber of Mines of South Africa
- Attock Cement Pakistan Limited
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Orica Australia Pty. Ltd.
- Australian Commodity Traders Exchange
- Kepco SPC Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Timah Investasi Mineral - Indoneisa
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
- International Coal Ventures Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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