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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, 11 March 19
SUPRAMAX: A 61,000 DWT VESSEL WAS BOOKED SINGAPORE FOR A TRIP VIA INDONESIA TO CHINA AT $10,500 - BALTIC BRIEFING
Capesize
A faint glimmer of hope with the suggestion the market may have finally bottomed out, with owners attempting to resist further cuts in ...
Friday, 08 March 19
KOMIPO INVITES BIDS FOR 2.6 MILLION TONS OF AUSTRALIAN 5700 NAR COAL FOR FIVE YEARS
South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 520,000 MT of min. 5700 NAR coal of Australian origin to be burnt ...
Friday, 08 March 19
CHINA'S COAL DEMAND FORECAST TO DROP SLOWLY - YONHAP
China’s coal demand is expected to fall at a snail’s pace over the next 20 years due to the country’s preference for the cheap fo ...
Thursday, 07 March 19
INDONESIAN COAL PRICE REFERENCE PLUNGE TO LOWEST IN SEVEN MONTHS
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Wednesday, 06 March 19
KOSPO INVITES BIDS FOR 80,000 MT OF 3800 NCV COAL FOR 21 - 30 MARCH, 2019 LOADING
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 80,000 MT of min 3,800 kcal/kg NCV low calor ...
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- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Dalmia Cement Bharat India
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Planning Commission, India
- GN Power Mariveles Coal Plant, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
- Borneo Indobara - Indonesia
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- Eastern Coal Council - USA
- CNBM International Corporation - China
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- Goldman Sachs - Singapore
- Mjunction Services Limited - India
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- European Bulk Services B.V. - Netherlands
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- GMR Energy Limited - India
- Romanian Commodities Exchange
- Kohat Cement Company Ltd. - Pakistan
- Sojitz Corporation - Japan
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- London Commodity Brokers - England
- India Bulls Power Limited - India
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Coal and Oil Company - UAE
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Mintek Dendrill Indonesia
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- Videocon Industries ltd - India
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- Electricity Generating Authority of Thailand
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bharathi Cement Corporation - India
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- Latin American Coal - Colombia
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Indika Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
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