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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 August 20
BANGLADESH POWER MINISTRY SEEKING AUTHORITY TO CANCEL 13,000 MW OF PROPOSED COAL-FIRED CAPACITY - BUSINESS STANDARD
In a bid to move away from dirty energy, the Ministry of Power, Energy and Mineral Resources is seeking the prime minister’s approval to conv ...
Wednesday, 26 August 20
ASIAN COAL PRICES LIKELY TO REMAIN DEPRESSED SAY TRADERS, ANALYSTS - REUTERS
Asian coal prices, which have fallen around 25% this year as power demand slumped due to the coronavirus outbreak, are unlikely to move higher befo ...
Wednesday, 26 August 20
WORLD COAL EXPORTS: INDONESIAN THERMAL COAL EXPORTS HAVE COME UNDER PRESSURE AS THERMAL COAL PRICES WEAKEN - REPORT
Indonesia’s exports to decline sharply from record highs
Indonesia is the world’s largest thermal coal exporter, sellin ...
Wednesday, 26 August 20
JAPAN'S COAL IMPORTS ARE BEING AFFECTED BY COMPETING INFLUENCES - REPORT
Japan is the world’s third largest thermal coal importer, importing an estimated 135 million tonnes of thermal coal in 2019. The country&rsqu ...
Wednesday, 26 August 20
PENDING SOUTH KOREA LEGISLATION COULD FORCE HALT TO COUNTRY’S COAL PLANT EXPORT DEALS - KOREA ECONOMIC DAILY
South Korea’s parliament looks set to pass new legislation to ban financing on foreign coal power projects, putting all overseas coal-fired p ...
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- Neyveli Lignite Corporation Ltd, - India
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- Thiess Contractors Indonesia
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- Parliament of New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Planning Commission, India
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Merrill Lynch Commodities Europe
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining Corp, Philippines
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Agrawal Coal Company - India
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bayan Resources Tbk. - Indonesia
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- Gujarat Sidhee Cement - India
- Ind-Barath Power Infra Limited - India
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Bukit Baiduri Energy - Indonesia
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- PTC India Limited - India
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- SMC Global Power, Philippines
- The University of Queensland
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Therma Luzon, Inc, Philippines
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- London Commodity Brokers - England
- Australian Coal Association
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- GAC Shipping (India) Pvt Ltd
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- ICICI Bank Limited - India
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Electricity Generating Authority of Thailand
- Bharathi Cement Corporation - India
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- Mercator Lines Limited - India
- OPG Power Generation Pvt Ltd - India
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- VISA Power Limited - India
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- Wilmar Investment Holdings
- Central Electricity Authority - India
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
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