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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, 04 June 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Thursday, 04 June 20
DON'T FORGET THE REAL PURPOSE OF RISK ASSESSMENTS - GARD
KNOWLEDGE TO ELEVATE
When doing a risk assessment, we often overcomplicate it and forget its real purpose.
Rather than ensuring that crew ...
Wednesday, 03 June 20
MARKET INSIGHT - INTERMODAL
Once again shipping is about to venture into uncharted waters and before the challenges of the past decade are forgotten, shipowners will have to o ...
Tuesday, 02 June 20
KOSPO LOOKING FOR 80000 MT OF 4200 NCV COAL FOR JULY
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 80,000 Metric Tons (MT) 4200 NCV coal for 12 - 21, July ...
Tuesday, 02 June 20
INDONESIAN COAL MINER BUMI RESOURCES Q1 OUTPUT UP 5% - REUTERS
Indonesia’s largest coal miner Bumi Resources posted a 5% increase in first-quarter output at 20.8 million tonnes, the company said in a stat ...
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- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Chettinad Cement Corporation Ltd - India
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- Cigading International Bulk Terminal - Indonesia
- GMR Energy Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Ministry of Finance - Indonesia
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Electricity Authority, New Zealand
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- Planning Commission, India
- Sinarmas Energy and Mining - Indonesia
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- SMC Global Power, Philippines
- Bulk Trading Sa - Switzerland
- Vijayanagar Sugar Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- Thai Mozambique Logistica
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- Krishnapatnam Port Company Ltd. - India
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Videocon Industries ltd - India
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Leighton Contractors Pty Ltd - Australia
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- Posco Energy - South Korea
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Port Waratah Coal Services - Australia
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- Bayan Resources Tbk. - Indonesia
- Riau Bara Harum - Indonesia
- Global Green Power PLC Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Parliament of New Zealand
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- ASAPP Information Group - India
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- Ministry of Transport, Egypt
- Anglo American - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- White Energy Company Limited
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Australian Commodity Traders Exchange
- AsiaOL BioFuels Corp., Philippines
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- SMG Consultants - Indonesia
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- Uttam Galva Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Mintek Dendrill Indonesia
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