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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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Wednesday, 30 June 21
BUMA SIGNED MINING AGREEMENT WITH ADARO
PT Delta Dunia Makmur Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA"), has entered into an agreement for the p ...
Wednesday, 30 June 21
MARKET INSIGHT - INTERMODAL
The strong freight performance since the beginning of year has continued for the dry bulk market with earnings being at the highest level in over a ...
Monday, 28 June 21
MINISTRY OF ENERGY AND MINERAL RESOURCES OF INDONESIA THREATENS TO REVOKE 2,350 MINING BUSINESS PERMITS
The Ministry of Energy and Mineral Resources said that the revocation of mining business permits was in accordance with President Jokowi's inst ...
Sunday, 27 June 21
INDONESIA'S STATE-OWNED UTILITY PLN'S 2060 NET ZERO AMBITION NOT WITHOUT FLAWS AND GAPS - IEEFA
Indonesia on the right emissions reduction pathway but same old coal stories persist
Recent announcements by Indonesia’s state-owned uti ...
Saturday, 26 June 21
COAL PRICES HIT DECADE HIGH DESPITE EFFORTS TO WEAN THE WORLD OFF CARBON - WSJ
Rebounding electricity usage and scanty rainfall in China have added fuel to the rally
Coal prices have climbed to their highest lev ...
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- Star Paper Mills Limited - India
- Billiton Holdings Pty Ltd - Australia
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- Aditya Birla Group - India
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Bayan Resources Tbk. - Indonesia
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- Eastern Coal Council - USA
- Bukit Baiduri Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- Australian Coal Association
- Larsen & Toubro Limited - India
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Lanco Infratech Ltd - India
- Vizag Seaport Private Limited - India
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Planning Commission, India
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- Sinarmas Energy and Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- Mintek Dendrill Indonesia
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- Gujarat Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- Economic Council, Georgia
- London Commodity Brokers - England
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- LBH Netherlands Bv - Netherlands
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- Anglo American - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- VISA Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- Price Waterhouse Coopers - Russia
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- Maheswari Brothers Coal Limited - India
- Sarangani Energy Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
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