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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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Tuesday, 26 November 19
PREPARATIONS INTENSIFY AS 1 JANUARY 2020 GLOBAL CUT IN SULPHUR IN SHIP'S FUEL OIL LOOMS: IMO
“IMO 2020” requirements for ships to cut sulphur oxide emissions enter into effect in just over one month’s time. This will signi ...
Monday, 25 November 19
COAL SUPPLY BY CIL TO POWER SECTOR DROPS OVER 8 PC TO 253 MT IN APRIL-OCTOBER - PTI
Supply of coal by state-owned CIL to the power sector registered a decline of 8.5 per cent to 253 million tonnes in the April-October period of thi ...
Monday, 25 November 19
A 53,000DWT SHIP FIXED AT $9,500 DELIVERY SINGAPORE TRIP, VIA INDONESIA, REDELIVERY VIETNAM - BALTIC BRIEFING
Capesize
After a week of value being eroded on the Capesize market, Friday brought improved sentiment across most of the routes. The 5TC averag ...
Monday, 25 November 19
KOWEPO INVITED 6.79 MILLION TONS OF (SUB)BITUMINOUS STEAM COAL BIDS
COALspot.com: South Korea’s Korea Western Power Co., Ltd. (KOWEPO) has issued an international tender for 6,798,000 tons of coal for 5 years ...
Friday, 22 November 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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- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- Semirara Mining and Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Global Green Power PLC Corporation, Philippines
- The Treasury - Australian Government
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- Manunggal Multi Energi - Indonesia
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Indogreen Group - Indonesia
- Electricity Authority, New Zealand
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
- Rashtriya Ispat Nigam Limited - India
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- Sree Jayajothi Cements Limited - India
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- Uttam Galva Steels Limited - India
- Tamil Nadu electricity Board
- Bhushan Steel Limited - India
- Videocon Industries ltd - India
- Meralco Power Generation, Philippines
- White Energy Company Limited
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sojitz Corporation - Japan
- Minerals Council of Australia
- Carbofer General Trading SA - India
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- Indika Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
- Power Finance Corporation Ltd., India
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- Xindia Steels Limited - India
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- Directorate Of Revenue Intelligence - India
- London Commodity Brokers - England
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- Port Waratah Coal Services - Australia
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- Bhatia International Limited - India
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- Ind-Barath Power Infra Limited - India
- Medco Energi Mining Internasional
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- Directorate General of MIneral and Coal - Indonesia
- Eastern Coal Council - USA
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- Global Coal Blending Company Limited - Australia
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Georgia Ports Authority, United States
- Parry Sugars Refinery, India
- India Bulls Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Banpu Public Company Limited - Thailand
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
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