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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, 27 May 21
KOMIPO INVITED BIDS FOR 1.56 MILLION TONS OF BITUMINOUS COAL
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) has issued an international tender for total 1,560,000 MT of Bituminous Coal to be used a ...
Thursday, 27 May 21
CHINA POWER DEMAND EXCEEDS PRE-COVID-19 LEVELS; THERMAL OUTPUT STRONG - FITCH RATINGS
Rising Consumption: Total power consumption rose by 21.2% yoy to 1,921.9GWh in 1Q21 due to the fast recovery of China’s economy, after a drop ...
Thursday, 27 May 21
CHINA'S POWER DEMAND EXCEEDS PRE-PANDEMIC LEVELS; RENEWABLES TO DRIVE DEVELOPMENT - FITCH RATINGS
China's power consumption exceeded the pre-Covid-19 levels in 1Q21 due to the country's fast economic recovery, with strong output from the ...
Wednesday, 26 May 21
THE INDONESIA COAL PRICE REFERENCE FOR MAY 2021 SETTLES AT US$ 89.74 PER TON
COALspot.com: The Indonesia coal price reference for May 2021 settles at US$ 89.74 per ton FOB vessel.
The Indonesia coal pric ...
Wednesday, 26 May 21
MARKET INSIGHT - INTERMODAL
Last year crude tankers’ newbuilding contracting activity was devastated by the economic effects of the Covid-19 pandemic and the cloud of un ...
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- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Indonesian Coal Mining Association
- Ceylon Electricity Board - Sri Lanka
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- Goldman Sachs - Singapore
- Economic Council, Georgia
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Sakthi Sugars Limited - India
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Straits Asia Resources Limited - Singapore
- Makarim & Taira - Indonesia
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- Intertek Mineral Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- Interocean Group of Companies - India
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Independent Power Producers Association of India
- Salva Resources Pvt Ltd - India
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- Mjunction Services Limited - India
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Agrawal Coal Company - India
- Krishnapatnam Port Company Ltd. - India
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- PTC India Limited - India
- Billiton Holdings Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Orica Australia Pty. Ltd.
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Cement Manufacturers Association - India
- Australian Coal Association
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
- European Bulk Services B.V. - Netherlands
- Sojitz Corporation - Japan
- The University of Queensland
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
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