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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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Tuesday, 02 June 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.86 PCT - XINHUA
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The index, released by Chi ...
Tuesday, 02 June 20
THE HISTORIC DECLINE OF US COAL - WOOD MACKENZIE
The first commercial power plant in the US was Thomas Edison’s coal-fired Pearl Street station in lower Manhattan, which started operating in ...
Tuesday, 02 June 20
COAL INDIA'S MAY SALES DRIVEN SHARPLY LOWER BY SLUMP IN POWER DEMAND - REUTER
Coal India’s sales fell 23.3% in May as utilities refrained from purchases amid record stockpiles and tepid demand because of a nationwide lo ...
Tuesday, 02 June 20
TUAH TURANGGA AGUNG RECORDED 4.54 MILLION TONS OF COAL SALES IN THE FIRST FOUR MONTHS OF 2020
PT United Tractors Tbk through its subsidiary, PT Tuah Turangga Agung recorded 4.54 million tons of coal sales in the first four months of 2020, up ...
Tuesday, 02 June 20
SOURING SINO-AUSTRALIA TRADE RELATIONS - BALTIC EXCHANGE
Cooling relations between the commodity powerhouses of China and Australia may point to trade troubles ahead when the world emerges from the Covid- ...
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- Videocon Industries ltd - India
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- White Energy Company Limited
- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- The University of Queensland
- Ministry of Mines - Canada
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- Electricity Authority, New Zealand
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- GMR Energy Limited - India
- Tata Chemicals Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- Planning Commission, India
- Eastern Energy - Thailand
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- Wood Mackenzie - Singapore
- Electricity Generating Authority of Thailand
- Bayan Resources Tbk. - Indonesia
- Economic Council, Georgia
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- Maheswari Brothers Coal Limited - India
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Latin American Coal - Colombia
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- Madhucon Powers Ltd - India
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- Australian Coal Association
- Vijayanagar Sugar Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Minerals Council of Australia
- Aditya Birla Group - India
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- Tamil Nadu electricity Board
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Attock Cement Pakistan Limited
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indogreen Group - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- New Zealand Coal & Carbon
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Georgia Ports Authority, United States
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