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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, 21 May 20
KOMIPO INVITED BIDS FOR TOTAL 610000 MT OF LCV AND HCV COAL FOR 2H 2020
COALspot.com: South Korea’s Korea Midland Power Co. Ltd. (KOMIPO) has Issued an International Tender for 130,000 mt of 5700 NCV coal an ...
Wednesday, 20 May 20
ADARO ENERGY BOOKED A 5% INCREASE IN COAL PRODUCTION VOLUME Y-O-Y IN 1Q2020
PT. Adaro Energy Tbk, Indonesia’s one of the largest coal miner, booked a 5% increase in coal production volume year-over-year in 1Q2020. The ...
Wednesday, 20 May 20
BRAZIL SOYBEAN EXPORTS HAVE BEEN SURGING THIS YEAR - BANCHERO COSTA
Brazil soybean exports have been surging this year, thanks to a combination of strong demand from China, a bumper crop, and favourable exchange rat ...
Wednesday, 20 May 20
MARKET INSIGHT
Seafarers keep maritime trade going so that the food, raw materials, energy and manufactured goods on which so many depend can continue moving arou ...
Tuesday, 19 May 20
AMENDMENT OF THE INDONESIAN MINING LAW: TYING UP LOOSE ENDS - UMBRA
KNOWLEDGE TO ELEVATE
The finalized draft of Law on the amendment of the Mining Law (Bill) was publicly released on 11 May 2020 and was then ap ...
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- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Sakthi Sugars Limited - India
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- VISA Power Limited - India
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- Chamber of Mines of South Africa
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Energy Exchange, India
- International Coal Ventures Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Global Business Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Mercuria Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
- Renaissance Capital - South Africa
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sree Jayajothi Cements Limited - India
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- White Energy Company Limited
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Sindya Power Generating Company Private Ltd
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Ambuja Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- London Commodity Brokers - England
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- Jorong Barutama Greston.PT - Indonesia
- Orica Australia Pty. Ltd.
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Essar Steel Hazira Ltd - India
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- The University of Queensland
- Ministry of Finance - Indonesia
- ASAPP Information Group - India
- Straits Asia Resources Limited - Singapore
- Riau Bara Harum - Indonesia
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- Globalindo Alam Lestari - Indonesia
- CNBM International Corporation - China
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- Dalmia Cement Bharat India
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Madhucon Powers Ltd - India
- Jaiprakash Power Ventures ltd
- Trasteel International SA, Italy
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- Georgia Ports Authority, United States
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- Vijayanagar Sugar Pvt Ltd - India
- Orica Mining Services - Indonesia
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