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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, 05 August 20
SLUMP IN OIL REVENUE CHALLENGES MIDDLE EAST OIL EXPORTERS - INTERMODAL
The Covid-19 pandemic has had far-reaching consequences on the global capital markets. Despite the US government’s efforts for a quick and de ...
Tuesday, 04 August 20
KOEN INVITED BIDS FOR TOTAL 900K MT OF MIN 5600 NCV COAL FOR 3 YEARS
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 260,000 to 300,000 Tons (MT) min. ...
Tuesday, 04 August 20
THE WORLD’S FLEET OF COAL-FIRED POWER STATIONS HAS GOT SMALLER FOR THE FIRST TIME ON RECORD, WITH MORE CAPACITY RETIRED IN THE FIRST HALF OF 2020 THAN THE AMOUNT OPENED - IEA
This is according to the latest Global Coal Plant Tracker (GCPT) results by Global Energy Monitor (GEM), which we completed last month and report f ...
Monday, 03 August 20
U.S. COAL CONSUMPTION, WHICH HAS DECLINED SINCE ITS 2007 PEAK, FELL TO ITS LOWEST POINT IN APRIL 2020 - EIA
According to the U.S. Energy Information Administration’s (EIA) most recent Monthly Energy Review, the United States consumed 6.5 quadrillion ...
Monday, 03 August 20
LOW OIL PRICE AND CORONA VIRUS HIT SUB-SAHARAN AFRICA OIL PRODUCERS - FITCH RATINGS
The collapse in oil prices and the coronavirus shock is worsening the fiscal and external balances of sub-Saharan African oil producers, Fitch Rati ...
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- Semirara Mining Corp, Philippines
- Jindal Steel & Power Ltd - India
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Bhushan Steel Limited - India
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- PowerSource Philippines DevCo
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- Maharashtra Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- Eastern Energy - Thailand
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Parliament of New Zealand
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- Aditya Birla Group - India
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- Eastern Coal Council - USA
- IHS Mccloskey Coal Group - USA
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- Ministry of Finance - Indonesia
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Kideco Jaya Agung - Indonesia
- New Zealand Coal & Carbon
- Ceylon Electricity Board - Sri Lanka
- ICICI Bank Limited - India
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- Australian Coal Association
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Antam Resourcindo - Indonesia
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Sical Logistics Limited - India
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- MS Steel International - UAE
- Edison Trading Spa - Italy
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Essar Steel Hazira Ltd - India
- PTC India Limited - India
- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Cement Manufacturers Association - India
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- Thai Mozambique Logistica
- Planning Commission, India
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- Anglo American - United Kingdom
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