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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, 29 June 20
CHINA COAL IMPORT OUTLOOK: MANY MOVING PARTS, FORECAST TO FALL 10% YOY - GHEE PEH | IEEFA
China’s coal demand declined in the first quarter of 2020. According to the China National Coal Association, the country consumed 870mt in th ...
Monday, 29 June 20
ULTRAMAX: A 58,000 FIXING DELIVERY SINGAPORE TRIP, VIA EAST COAST INDIA, REDELIVERY CHINA IN THE LOW $12,000S - BALTIC BRIEFING
Capesize
As the halfway mark of 2020 arrives, the capesize market is making new highs for the year. From persistent lows earlier caused by a ba ...
Saturday, 27 June 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Friday, 26 June 20
WHAT TODAY'S BAILOUTS CAN DO FOR TOMORROW'S ECONOMIES - WORLD ECONOMIC FORUM
The COVID-19 crisis provides an opportunity for governments to build fairer, more sustainable and more resilient economies.
Governments a ...
Thursday, 25 June 20
ALL YOU WANT TO KNOW ABOUT COAL MINE AUCTIONS - THE HINDU BUSINESS LINE
Last week, Prime Minister Narendra Modi threw open the auction of 41 coal blocks for commercial mining. The decision, which was part of the announc ...
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- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- Bharathi Cement Corporation - India
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- MS Steel International - UAE
- Price Waterhouse Coopers - Russia
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- Renaissance Capital - South Africa
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- Trasteel International SA, Italy
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Parry Sugars Refinery, India
- Tamil Nadu electricity Board
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- VISA Power Limited - India
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Chamber of Mines of South Africa
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- The University of Queensland
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Indo Tambangraya Megah - Indonesia
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- PowerSource Philippines DevCo
- Planning Commission, India
- TeaM Sual Corporation - Philippines
- Bhatia International Limited - India
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- Jindal Steel & Power Ltd - India
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Orica Australia Pty. Ltd.
- Standard Chartered Bank - UAE
- Vizag Seaport Private Limited - India
- Ambuja Cements Ltd - India
- Orica Mining Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- SMG Consultants - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- Kideco Jaya Agung - Indonesia
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- Oldendorff Carriers - Singapore
- Banpu Public Company Limited - Thailand
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