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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, 12 August 20
THE COAL MARKET IN ITALY - ASSOCARBONI
Italy, which in 2019 reported a decrease in thermal coal imports, with a volume of 7,5 million tons (-32% compared to 11 million tons in 2018), whi ...
Wednesday, 12 August 20
U.S. COAL PRODUCTION IN 2020 WILL DECREASE BY 29% FROM 2019 LEVELS TO 502 MMST - EIA
U.S. coal consumption, which dropped to its lowest point since April, totaled 95 MMst in the second quarter of 2020.
EIA expec ...
Tuesday, 11 August 20
BHP COAL ASSETS WORTH A BILLION LESS THAN JUST TWO YEARS AGO - IEEFA
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Monday, 10 August 20
COAL IMPORT DROPS 43% IN JULY OWING TO HIGH STOCKPILE AT PITHEADS, PLANTS - PTI
“The market participants seem to have adopted a wait and watch approach and are currently looking for a direction. We do not expect to see an ...
Saturday, 08 August 20
GLOBAL COAL POWER PUZZLE - BALTIC EXCHANGE
Global Energy Monitor’s latest Global Coal Plant Tracker has put another nail in the coffin for the coal-carrying fleet with its finding that ...
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- Gujarat Sidhee Cement - India
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Economic Council, Georgia
- PetroVietnam Power Coal Import and Supply Company
- LBH Netherlands Bv - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- Coal and Oil Company - UAE
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- Meralco Power Generation, Philippines
- Australian Coal Association
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vizag Seaport Private Limited - India
- Global Business Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Eastern Coal Council - USA
- GAC Shipping (India) Pvt Ltd
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- Grasim Industreis Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- Australian Commodity Traders Exchange
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- Simpson Spence & Young - Indonesia
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- Orica Mining Services - Indonesia
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- The University of Queensland
- Central Java Power - Indonesia
- Mercator Lines Limited - India
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Independent Power Producers Association of India
- Essar Steel Hazira Ltd - India
- International Coal Ventures Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- Vedanta Resources Plc - India
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- Thiess Contractors Indonesia
- OPG Power Generation Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ind-Barath Power Infra Limited - India
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Eastern Energy - Thailand
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
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