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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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Monday, 24 June 19
KOMIPO INVITED BITUMINOUS COAL BIDS FOR BORYEONG & SHIN BORYEONG POWER PLANTS
South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 260,000 MT MT of min. 5700 NAR coal and 240,000 MT of min. 4,600 k ...
Sunday, 23 June 19
SUPRAMAX: A 56,000-DWT WAS FIXED FROM INDONESIA TO VIETNAM AT $10,000 - BALTIC BRIEFING
Capesize
The story over the past week has been largely Atlantic dominated as the basin’s uniquely volatile characteristics came into play ...
Saturday, 22 June 19
OPEC'S BATTLE FOR CONTROL OF THE OIL MARKET - WOOD MACKENZIE
Oil supply is confounding expectations. We have just raised our forecasts for non-OPEC production, the latest in a series of incremental increases. ...
Friday, 21 June 19
INDONESIA'S BAYAN RESOURCES SIGNED A COAL SUPPLY AGREEMENT WITH THE BANGLADESH BCPCL TO SUPPLY 23 MILLION TONS OF COAL FOR 10 YEARS
On Monday, 17th June 2019, PT. Bayan Resources signed a Coal supply Agreement with the Bangladesh- China Power Company (Pvt.) Limited. BCPCL is a j ...
Thursday, 20 June 19
BUMI RESOURCES EXPECTS TO SELL 42 MILLION TONS OF COAL IN FIRST HALF - JAKARTA POST
PT Bumi Resources (BUMI), Indonesia's largest thermal coal miner, expects to close the first half of this year with coal sales of 42 million to ...
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- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- Madhucon Powers Ltd - India
- Australian Coal Association
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- The State Trading Corporation of India Ltd
- GMR Energy Limited - India
- Samtan Co., Ltd - South Korea
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Cigading International Bulk Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- CNBM International Corporation - China
- Bhatia International Limited - India
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- India Bulls Power Limited - India
- The University of Queensland
- Deloitte Consulting - India
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Aditya Birla Group - India
- Price Waterhouse Coopers - Russia
- Medco Energi Mining Internasional
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- Eastern Energy - Thailand
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- Mjunction Services Limited - India
- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- Planning Commission, India
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- Sarangani Energy Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Anglo American - United Kingdom
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- San Jose City I Power Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
- Merrill Lynch Commodities Europe
- Essar Steel Hazira Ltd - India
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- Bayan Resources Tbk. - Indonesia
- Simpson Spence & Young - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- IEA Clean Coal Centre - UK
- Directorate Of Revenue Intelligence - India
- Therma Luzon, Inc, Philippines
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- Orica Mining Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Star Paper Mills Limited - India
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Jaiprakash Power Ventures ltd
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- Grasim Industreis Ltd - India
- Parliament of New Zealand
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- Trasteel International SA, Italy
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Attock Cement Pakistan Limited
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- VISA Power Limited - India
- Meralco Power Generation, Philippines
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
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