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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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Friday, 13 March 20
PANAMAX: SLIGHTLY STRONGER NUMBERS IN BOTH BASINS THIS WEEK - FEARNLEYS
Cape
Still very sad times for the big ships, and merit in further trading at present levels is highly debatable for most tonnage. Spot fixtures ...
Friday, 13 March 20
TOP 4 ACCOUNTING CONSIDERATIONS AFTER THE IMPLEMENTATION OF IMO 2020 - PWC
To install or not to install?
Following the IMO 2020 global low sulphur cap for marine fuel effective since 1 January 2020, many shi ...
Friday, 13 March 20
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
Friday, 13 March 20
KOREA SOUTH-EAST POWER INVITED BIDS FOR 390,000 MT OF THERMAL COAL FOR MAY-JUNE 2020 LOADING
COALspot.com: Korea South-East Power Co., Ltd. (KOEN), has issued an international tender for total 390,000 Metric Tons of coal for May & June ...
Thursday, 12 March 20
INDIA 2019 THERMAL COAL IMPORTS RISE 12.6% TO NEARLY 200 MILLION TONNES - REUTERS
India’s thermal coal imports rose 12.6% to nearly 200 million tonnes in 2019, government data reviewed by Reuters showed, reflecting the seco ...
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- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- London Commodity Brokers - England
- Ambuja Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Meralco Power Generation, Philippines
- Wood Mackenzie - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
- Directorate Of Revenue Intelligence - India
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
- Indogreen Group - Indonesia
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- Planning Commission, India
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- ICICI Bank Limited - India
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- CNBM International Corporation - China
- Bhatia International Limited - India
- Agrawal Coal Company - India
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- Electricity Authority, New Zealand
- Minerals Council of Australia
- Jaiprakash Power Ventures ltd
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- Indian Energy Exchange, India
- Interocean Group of Companies - India
- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- San Jose City I Power Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- Bangladesh Power Developement Board
- Holcim Trading Pte Ltd - Singapore
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- Grasim Industreis Ltd - India
- Antam Resourcindo - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- Karaikal Port Pvt Ltd - India
- PTC India Limited - India
- Mjunction Services Limited - India
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- Eastern Coal Council - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- LBH Netherlands Bv - Netherlands
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Transport, Egypt
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Coal and Oil Company - UAE
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- Chamber of Mines of South Africa
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