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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, 07 October 20
U.S. COAL PRODUCTION TO DECREASE BY 26 PERCENT IN 2020 COMPARED TO 2019 - EIA
EIA expects total U.S. coal production in 2020 to be 525 million short tons (MMst), compared with 705 MMst in 2019, a 26% decrease.
COVID-19 a ...
Wednesday, 07 October 20
MARKET INSIGHT - INTERMODAL
The challenges brought forward in 2020 proved to be very different from what we could have ever imagined. Together with placing a significant strai ...
Tuesday, 06 October 20
KOSPO TO IMPORT 80,000 MT OF 3,800 NCV COAL FOR 2H NOV
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 80,000 MT Min.3800 kcal/kg NCV coal 2H November, 2020 l ...
Friday, 02 October 20
THE INDONESIA COAL PRICE REFERENCE RISE AFTER HISTORIC CRASH TO US$ 49.42
COALspot.com: The Indonesia Coal Price Reference for the month of October Rise to US$ 51.00 after historic crash to US$ 49.42 in September 2020.
...
Friday, 02 October 20
SRI LANKA MUST LEARN LESSONS FROM AROUND ASIA TO AVOID FURTHER ELECTRICITY CRISES - IEEFA
Overcommitment to fossil-fuelled power generation is leading to excess capacity and rising capacity payments, subsidies, and tariffs around the con ...
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- PNOC Exploration Corporation - Philippines
- Indika Energy - Indonesia
- Orica Australia Pty. Ltd.
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- Bhushan Steel Limited - India
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Kartika Selabumi Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Vizag Seaport Private Limited - India
- The University of Queensland
- The State Trading Corporation of India Ltd
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- Planning Commission, India
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Parry Sugars Refinery, India
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Baramulti Group, Indonesia
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Oldendorff Carriers - Singapore
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Malabar Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- Cement Manufacturers Association - India
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- GVK Power & Infra Limited - India
- McConnell Dowell - Australia
- Economic Council, Georgia
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Australian Commodity Traders Exchange
- Australian Coal Association
- Energy Development Corp, Philippines
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Merrill Lynch Commodities Europe
- PTC India Limited - India
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Barasentosa Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- CNBM International Corporation - China
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- White Energy Company Limited
- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Parliament of New Zealand
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
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