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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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Thursday, 10 June 21
INDONESIA COAL EARNINGS RECOVERY TO SLOW AFTER STRONG 1Q - FITCH RATINGS
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Thursday, 10 June 21
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Saturday, 05 June 21
KOMIPO INVITED 5600 NAR COAL OFFERS FOR THREE YEARS SUPPLY; 520,000 MT PER YEAR
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- Mercuria Energy - Indonesia
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- Bayan Resources Tbk. - Indonesia
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Meenaskhi Energy Private Limited - India
- Gujarat Sidhee Cement - India
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- Vedanta Resources Plc - India
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Merrill Lynch Commodities Europe
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- Posco Energy - South Korea
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- Karaikal Port Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Kepco SPC Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- IHS Mccloskey Coal Group - USA
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- Anglo American - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- Australian Coal Association
- Indian Energy Exchange, India
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- The University of Queensland
- MS Steel International - UAE
- Straits Asia Resources Limited - Singapore
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- Coalindo Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- Minerals Council of Australia
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- Timah Investasi Mineral - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- GVK Power & Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- Agrawal Coal Company - India
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
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