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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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Sunday, 26 April 20
STRONGER BUNKER PRICES FAIL TO RALLY FREIGHT MARKET - FIS
VLSFO bunker prices rebounded by $22.50 to $229/mt in the port of Singapore but failed to turn around the spot freight market.
Some ...
Saturday, 25 April 20
KOREA SOUTH-EAST POWER CO. INVITED BIDS FOR 780K - 900K MT OF 5600 NCV COAL FOR JULY TO OCTOBER 2020 LOADING
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 780,000~900,000 Metric Tons (MT) s ...
Saturday, 25 April 20
SEAFARER MENTAL WELLBEING DURING THE COVID-19 PANDEMIC - STANDARD CLUB
KNOWLEDGE TO ELEVATE
COVID-19 has forced many parts of the world to enforce a lockdown in a bid to flatten the curve in terms of transmissions ...
Friday, 24 April 20
KOMIPO INVITED BIDS FOR 5700 NAR COAL FOR JUNE & JULY LOADING
COALspot.com: South Korea’s Korea Midland Power Co. Ltd. (KOMIPO) Has Issued An International Tender For 260,000 Metric Tons (MT) Steam Coal ...
Friday, 24 April 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 ...
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- Mercator Lines Limited - India
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Interocean Group of Companies - India
- Trasteel International SA, Italy
- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- CNBM International Corporation - China
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- SN Aboitiz Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- Electricity Authority, New Zealand
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- Latin American Coal - Colombia
- Central Electricity Authority - India
- The University of Queensland
- Siam City Cement - Thailand
- Chamber of Mines of South Africa
- Electricity Generating Authority of Thailand
- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- Wood Mackenzie - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Planning Commission, India
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Mercuria Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- London Commodity Brokers - England
- Indian Oil Corporation Limited
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- ICICI Bank Limited - India
- Ministry of Transport, Egypt
- Xindia Steels Limited - India
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- Port Waratah Coal Services - Australia
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- McConnell Dowell - Australia
- Posco Energy - South Korea
- The State Trading Corporation of India Ltd
- Central Java Power - Indonesia
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- GMR Energy Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- Eastern Coal Council - USA
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Romanian Commodities Exchange
- VISA Power Limited - India
- Cement Manufacturers Association - India
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
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