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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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Monday, 28 September 20
NEW LNG PROJECTS - ALL DRESSED UP AND NO PLACE TO GO - WOOD MACKENZIE
It was meant to be another boom year. After a record 70 mmtpa of new LNG capacity was sanctioned in 2019, at least as much capacity was lined up fo ...
Thursday, 24 September 20
SUPRAMAX: INDO TO INDIA FIXING AROUND US$13,000 - FEARNLEYS
Cape
Over the last week the iron ore segment from Brazil to China has picked up, and we see freight rates up USD 2 (12%) week on week Fearnleys ...
Thursday, 24 September 20
KOREA MIDLAND POWER TO BUY 1.92 MILLION TONS OF 4,300-4,700 NCV COAL FOR THREE YEARS
COALspot.com: Korea Midland Power Co. Ltd, has issued an International tender for 640,000 MT 4,300-4,700 kcal/kg NCV coal per year.
...
Wednesday, 23 September 20
VIETNAM'S NEW POWER DEVELOPMENT PLAN MUST OPTIMIZE RENEWABLES AND AVOID FOSSIL FUEL LOCK-IN: IEEFA
EVN’s financial constraints leaves the utility with little room for error
Implementing Vietnam’s soon-to-be-launched next Power De ...
Wednesday, 23 September 20
MARKET INSIGHT - INTERMODAL
Undoubtedly, this year (ongoing) will never be forgotten because in a matter of months it has managed to severely affect and shape our day to day p ...
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- Gujarat Sidhee Cement - India
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- Chamber of Mines of South Africa
- Jorong Barutama Greston.PT - Indonesia
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- Bhushan Steel Limited - India
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- PTC India Limited - India
- Deloitte Consulting - India
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- Krishnapatnam Port Company Ltd. - India
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- Latin American Coal - Colombia
- Mercuria Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- Planning Commission, India
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- MS Steel International - UAE
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Heidelberg Cement - Germany
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- The University of Queensland
- Central Java Power - Indonesia
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Wilmar Investment Holdings
- Mercator Lines Limited - India
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- Sindya Power Generating Company Private Ltd
- Orica Australia Pty. Ltd.
- The Treasury - Australian Government
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Coal Association
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- Simpson Spence & Young - Indonesia
- International Coal Ventures Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Economic Council, Georgia
- India Bulls Power Limited - India
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- Price Waterhouse Coopers - Russia
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Thai Mozambique Logistica
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- Chettinad Cement Corporation Ltd - India
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Sakthi Sugars Limited - India
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Petron Corporation, Philippines
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- Pendopo Energi Batubara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- Sree Jayajothi Cements Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- Indonesian Coal Mining Association
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