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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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Friday, 12 April 19
OFFSHORE MENA CONGRESS 2019
Offshore MENA Congress 2019
Event Date : 11-12th Jun. 2019
Location : Cairo, Egypt
Offshore MENA Congress 2019 Offshor ...
Friday, 12 April 19
U.S : MORE THAN 7 GW OF COAL-FIRED GENERATION IS SCHEDULED TO RETIRE BY THE END OF 2020 - EIA
EIA estimates that U.S. coal production decreased by 19 million short tons (MMst) (2%) in 2018, totaling 756 MMst.
EIA also expects ...
Friday, 12 April 19
GLENCORE WINS $520 MILLION DEAL TO SELL COAL TO MEXICO - REUTERS
Global trader Glencore has won contracts worth around $520 million to supply 4.94 million tonnes of coal to Mexico, state-run power utility the Fed ...
Thursday, 11 April 19
AUSTRALIAN COAL IN THE FRONTLINE OF CHINA'S SUPPLY GLUT - AUSTRALIAN FINANCIAL REVIEW
Australian coal will be hardest hit as China cuts foreign imports of its key energy source to tackle oversupply, and implements policies favouring ...
Wednesday, 10 April 19
COALTRANS ASIA - TAKE PART IN THE LARGEST COAL EVENT IN THE WORLD!
Take part in the largest coal event in the world!
Coaltrans Asia is back this June bringing together the entire international coal s ...
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- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Aditya Birla Group - India
- Trasteel International SA, Italy
- Marubeni Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Altura Mining Limited, Indonesia
- The Treasury - Australian Government
- Therma Luzon, Inc, Philippines
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- Indo Tambangraya Megah - Indonesia
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Mercuria Energy - Indonesia
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Samtan Co., Ltd - South Korea
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- Parliament of New Zealand
- Singapore Mercantile Exchange
- Asmin Koalindo Tuhup - Indonesia
- OPG Power Generation Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Kaltim Prima Coal - Indonesia
- New Zealand Coal & Carbon
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- Australian Commodity Traders Exchange
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- AsiaOL BioFuels Corp., Philippines
- Coalindo Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- Planning Commission, India
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- International Coal Ventures Pvt Ltd - India
- Chamber of Mines of South Africa
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
- Africa Commodities Group - South Africa
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- IEA Clean Coal Centre - UK
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- The University of Queensland
- India Bulls Power Limited - India
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- Sree Jayajothi Cements Limited - India
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- CNBM International Corporation - China
- PTC India Limited - India
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
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