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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, 16 April 20
CHINA'S BENCHMARK POWER COAL PRICE FALLS 5 YUAN PER TONNE - XINHUA
China’s benchmark power coal price fell by 5 yuan (about 70 U.S. cents) per tonne during the past week.
The Bohai-Rim Steam-Co ...
Thursday, 16 April 20
MARKET INSIGHT - INTERMODAL
As everyone anticipated the results of the OPEC + G20 meeting last week, it was very interesting to watch the reaction of tanker rates that were in ...
Monday, 13 April 20
SUPRAMAX: A 56,000DWT SHIP WAS FIXED DELIVERY PARADIP, REDELIVERY CHINA, AT $4,700 - BALTIC BRIEFING
Capesize
The Capesize market this past week looks to have come off life support and found some improved sentiment. The week began rather ordina ...
Saturday, 11 April 20
FAQ: COVID-19 AND CLUB COVER - UK P&I
KNOWLEDGE TO ELEVATE
The Coronavirus (COVID-19) pandemic has generated a significant number of enquiries and questions from Members in recent ...
Saturday, 11 April 20
KOEN POWER PLANTS INVITED BIDS FOR 1.5 -1.62 MMT OF STEAM COAL
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 1,500,000-1,620,000 Metric Tons (M ...
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- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- Eastern Energy - Thailand
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- Sical Logistics Limited - India
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Uttam Galva Steels Limited - India
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- Deloitte Consulting - India
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- Latin American Coal - Colombia
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMC Global Power, Philippines
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Kartika Selabumi Mining - Indonesia
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Planning Commission, India
- Global Green Power PLC Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- South Luzon Thermal Energy Corporation
- MS Steel International - UAE
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Borneo Indobara - Indonesia
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- Indonesian Coal Mining Association
- Edison Trading Spa - Italy
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Ambuja Cements Ltd - India
- Dalmia Cement Bharat India
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- Carbofer General Trading SA - India
- GMR Energy Limited - India
- Parliament of New Zealand
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- Mercator Lines Limited - India
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- AsiaOL BioFuels Corp., Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- The University of Queensland
- Tamil Nadu electricity Board
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
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