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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, 05 March 20
SEABORNE COAL'S STRUGGLES IN ASIA ARE MORE THAN JUST CHINA CORONAVIRUS - REUTERS
Asia’s seaborne coal markets stumbled in February and it appears the coronavirus outbreak in China may dodge most of the blame, with the weak ...
Thursday, 05 March 20
INDONESIA'S BUKIT ASAM 2019 OUTPUT RISES 10.2% Y/Y - REUTERS
PT Bukit Asam, Indonesia’s state-owned coal miner, said on Wednesday its output in 2019 rose 10.2% to 29.1 million tonnes.
Coa ...
Thursday, 05 March 20
SEEING REMOTELY - IN SAFETY: BUREAU VERITAS PERFORMS FIRST SURVEY BY DRONE - BUREAU VERITAS
Bureau Veritas Marine & Offshore (BV), a world leader in testing, inspection and certification (TIC) services has completed its first survey by ...
Wednesday, 04 March 20
AN EPIDEMIC OF UNCERTAINTY - THE CORONAVIRUS AND FORCE MAJEURE - WFW
KNOWLEDGE TO ELEVATE
Do the effects of the coronavirus give rise to legitimate force majeure claims in connection with shipbuilding contracts ...
Wednesday, 04 March 20
CHINA IMPORTED 76.8 MLN TONNES OF CRUDE OIL FOR JANUARY & FEBRUARY 2020; UP 3.4% YOY - REFINITIV | BC
The COVID-19 crisis has been gripping China already for almost two months now. It’s having a huge negative impact on the economy, and this is ...
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- Ambuja Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cigading International Bulk Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- Australian Coal Association
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- Malabar Cements Ltd - India
- Economic Council, Georgia
- Dalmia Cement Bharat India
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- Antam Resourcindo - Indonesia
- The University of Queensland
- Energy Development Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- SMG Consultants - Indonesia
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Cement Manufacturers Association - India
- White Energy Company Limited
- Vedanta Resources Plc - India
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- Sakthi Sugars Limited - India
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- London Commodity Brokers - England
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- Petron Corporation, Philippines
- Tata Chemicals Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- ASAPP Information Group - India
- Ceylon Electricity Board - Sri Lanka
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- Essar Steel Hazira Ltd - India
- Lanco Infratech Ltd - India
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- Australian Commodity Traders Exchange
- Oldendorff Carriers - Singapore
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- Directorate Of Revenue Intelligence - India
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- Karaikal Port Pvt Ltd - India
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Electricity Authority, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- Barasentosa Lestari - Indonesia
- Indika Energy - Indonesia
- CNBM International Corporation - China
- Sical Logistics Limited - India
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
- PowerSource Philippines DevCo
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
- Indonesian Coal Mining Association
- Miang Besar Coal Terminal - Indonesia
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Sree Jayajothi Cements Limited - India
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tamil Nadu electricity Board
- Jaiprakash Power Ventures ltd
- Medco Energi Mining Internasional
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- Parliament of New Zealand
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- Straits Asia Resources Limited - Singapore
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