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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, 27 May 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.94 PCT - XINHUA
China Taiyuan coal transaction price index stood at 125.03 points Monday, up 0.94 percent week on week.
The index, released by China ...
Monday, 25 May 20
NON-OPEC OIL SUPPLY DEVELOPMENT - OPEC
Non-OPEC oil supply continued to increase by 2.0 mb/d in 2019, driven by US shale production, which rose by 1.7 mb/d, amounting to 84% of total non ...
Sunday, 24 May 20
A 63,000 FIXED DELIVERY VIETNAM TRIP VIA INDONESIA REDELIVERY KOSICHANG AT $8,500 - BALTIC BRIEFING
Capesize
After a week of bounce momentum the market appears to have stalled out once again. The Capesize 5TC has more than doubled since last F ...
Saturday, 23 May 20
COLOMBIA COAL OUTPUT DOWN 7.2% IN Q1 ON LOW PRICES, CORONAVIRUS LOCKDOWN - REUTERS
Coal production in Colombia, the world’s fifth-largest coal exporter, fell 7.2% in the first quarter because of low prices and coronavirus qu ...
Saturday, 23 May 20
EWP INVITES BIDS FOR 840,000 METRIC TONS OF MIN 5700 NAR COAL
COALspot.com: South Korea’s Korea East-West Power Co. Ltd (EWP) has Issued an International Tender for total Max 840,000 Metric Tons of min 5 ...
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- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Interocean Group of Companies - India
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- Australian Coal Association
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- Jaiprakash Power Ventures ltd
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- Sree Jayajothi Cements Limited - India
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Jorong Barutama Greston.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Pendopo Energi Batubara - Indonesia
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Borneo Indobara - Indonesia
- Maheswari Brothers Coal Limited - India
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- ICICI Bank Limited - India
- Planning Commission, India
- Medco Energi Mining Internasional
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- Marubeni Corporation - India
- Power Finance Corporation Ltd., India
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- PNOC Exploration Corporation - Philippines
- Edison Trading Spa - Italy
- Bhatia International Limited - India
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
- Posco Energy - South Korea
- Bhushan Steel Limited - India
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- Uttam Galva Steels Limited - India
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- Ambuja Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- Indonesian Coal Mining Association
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Eastern Coal Council - USA
- IEA Clean Coal Centre - UK
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- Mintek Dendrill Indonesia
- The University of Queensland
- San Jose City I Power Corp, Philippines
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- Semirara Mining Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Kartika Selabumi Mining - Indonesia
- Malabar Cements Ltd - India
- Mjunction Services Limited - India
- Global Green Power PLC Corporation, Philippines
- Heidelberg Cement - Germany
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