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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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Wednesday, 31 July 19
INDIA'S 2019 THERMAL COAL IMPORTS SEEN AT 180-185 MLN T - WOODMAC
India is expected to import 180-185 million tonnes of thermal coal in 2019, said Dale Hazelton, head of thermal coal at consultancy Wood Mackenzie. ...
Wednesday, 31 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
It was a fairly busy week in the dry S&P market. Despite the ease of Capesize rates which impacted Panamaxes as well, interest from potential b ...
Sunday, 28 July 19
ULTRAMAX - INDONESIAN COAL CARGOES SAW A 63,000DWT SHIP FIXING DELIVERY FOR A SOUTH CHINA TRIP VIA INDONESIA, REDELIVERY CHINA, AT $11,700 - BALTIC BRIEFING
Capesize
The market was a white knuckled ride this past week as a large downside movement shed value quickly leaving many in bewilderment. The ...
Wednesday, 24 July 19
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.27 PCT - XINHUA
China Taiyuan coal transaction price index stood at 138.78 points Monday, down 0.27 percent week on week.
The index, released by Chi ...
Wednesday, 24 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
Tonnes of ink has been spent analysing the rebound of the dry bulk market the last weeks with the most representative example being the rising perf ...
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- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- PTC India Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- Trasteel International SA, Italy
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- Deloitte Consulting - India
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- Salva Resources Pvt Ltd - India
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- Planning Commission, India
- Indo Tambangraya Megah - Indonesia
- Medco Energi Mining Internasional
- Bank of Tokyo Mitsubishi UFJ Ltd
- The University of Queensland
- India Bulls Power Limited - India
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Ministry of Finance - Indonesia
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- Economic Council, Georgia
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- GMR Energy Limited - India
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- Sindya Power Generating Company Private Ltd
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- Madhucon Powers Ltd - India
- Port Waratah Coal Services - Australia
- Energy Development Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- Marubeni Corporation - India
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Eastern Coal Council - USA
- New Zealand Coal & Carbon
- Commonwealth Bank - Australia
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- The Treasury - Australian Government
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Maheswari Brothers Coal Limited - India
- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
- Coal and Oil Company - UAE
- Australian Coal Association
- Orica Mining Services - Indonesia
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- Mintek Dendrill Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
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