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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, 15 September 19
SUPRAMAX / ULTRAMAX: MORE STEMS WERE NOTICED GOING TO VIETNAM FROM INDONESIA - BALTIC BRIEFING
Capesize
Overall it was a negative week for the Capesize market, with many routes losing ground. A limited amount of time charter appeare ...
Wednesday, 11 September 19
THE INDONESIAN COAL PRICE REFERENCE FELL HEAVILY IN SEPTEMBER
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Wednesday, 11 September 19
SHIPPING MARKET INSIGHT - INTERMODAL
We are going through one of the rare instances where we see optimism building in the dry bulk industry and, as the momentum is still going, the bel ...
Monday, 09 September 19
INDIAN COMPANIES READY TO INVEST IN DEVELOPMENT OF NEW COAL DEPOSITS IN RUSSIA'S YAKUTIA - TASS
Indian metallurgical companies, which received trial batches of coal from Kolmar mining company, are satisfied with the quality of the products and ...
Monday, 09 September 19
COLOMBIA COAL OUTPUT DOWN YEAR-ON-YEAR IN 2ND QUARTER - REUTERS
Colombia, the world’s fifth-largest exporter of coal, produced 18.9 million tonnes of the fuel in the second quarter, down 4.5% from the same ...
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- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- VISA Power Limited - India
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Anglo American - United Kingdom
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- Central Java Power - Indonesia
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- CNBM International Corporation - China
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- Vizag Seaport Private Limited - India
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- White Energy Company Limited
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- Mjunction Services Limited - India
- Indogreen Group - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Savvy Resources Ltd - HongKong
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- GMR Energy Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- Sojitz Corporation - Japan
- Coalindo Energy - Indonesia
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- Mercuria Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Essar Steel Hazira Ltd - India
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Ministry of Transport, Egypt
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- Romanian Commodities Exchange
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Siam City Cement - Thailand
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- Ambuja Cements Ltd - India
- The University of Queensland
- PowerSource Philippines DevCo
- PetroVietnam Power Coal Import and Supply Company
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- Interocean Group of Companies - India
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Samtan Co., Ltd - South Korea
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- TeaM Sual Corporation - Philippines
- Bharathi Cement Corporation - India
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- Indo Tambangraya Megah - Indonesia
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bayan Resources Tbk. - Indonesia
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Karaikal Port Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
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