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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, 21 October 20
INDIA: THE COMMERCIALISATION OF COAL BLOCKS WILL BENEFIT THE ECONOMY - HINDU BUSINESS LINE
As the government of India receives 76 bids for 23 coal mines against the 38 up on auction, what does this commercialisation of coal block allocati ...
Wednesday, 21 October 20
MARKET INSIGHT - INTERMODAL
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Tuesday, 20 October 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.82 PCT - XINHUA
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The index, released by China ...
Tuesday, 20 October 20
BIMCO 'SHIPLEASE' TERM SHEET - WATSON FARLEY & WILLIAMS
KNOWLEDGE TO ELEVATE
The ever-growing importance of sale and leaseback transactions as an alternative to financing ships by way of loan, makes ...
Friday, 16 October 20
KOMIPO ON BEHALF OF K GENCO'S INVITED BIDS FOR TOTAL 715,000 MT MIN. 5,700 NAR COAL FOR DECEMBER
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) on behalf of EWP, KOSPO, KOSEP and KOWEPO has issued an international tender for total 715,000& ...
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- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Chamber of Mines of South Africa
- Thiess Contractors Indonesia
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Price Waterhouse Coopers - Russia
- Rashtriya Ispat Nigam Limited - India
- Ind-Barath Power Infra Limited - India
- Parry Sugars Refinery, India
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- Indogreen Group - Indonesia
- The University of Queensland
- Sical Logistics Limited - India
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- Indian Oil Corporation Limited
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Singapore Mercantile Exchange
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Barasentosa Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- Australian Coal Association
- Interocean Group of Companies - India
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Central Electricity Authority - India
- Trasteel International SA, Italy
- London Commodity Brokers - England
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- ASAPP Information Group - India
- Independent Power Producers Association of India
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- PetroVietnam Power Coal Import and Supply Company
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GVK Power & Infra Limited - India
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- White Energy Company Limited
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- Eastern Energy - Thailand
- Thai Mozambique Logistica
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- Georgia Ports Authority, United States
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
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