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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, 22 December 19
NMDC DIVERSIFIES INTO COAL MINING - THE HINDU
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Both ...
Sunday, 22 December 19
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Saturday, 21 December 19
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Saturday, 21 December 19
SHIPPING'S SUPPLY AND DEMAND TRENDING OFF BALANCE - BIMCO
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Friday, 20 December 19
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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- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Madhucon Powers Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- Minerals Council of Australia
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- GMR Energy Limited - India
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- Petron Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- Neyveli Lignite Corporation Ltd, - India
- Dalmia Cement Bharat India
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- Australian Coal Association
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Thiess Contractors Indonesia
- PTC India Limited - India
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
- Port Waratah Coal Services - Australia
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- VISA Power Limited - India
- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- MS Steel International - UAE
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- Carbofer General Trading SA - India
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- European Bulk Services B.V. - Netherlands
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
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