We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Sunday, 20 January 19
OIL MARKET REPORT: A MARATHON, NOT A SPRINT - IEA
Last month, we asked if there was a floor under prices following the signing of a new Vienna Agreement that aims to re-balance the oil market. Foll ...
Thursday, 17 January 19
EIA ESTIMATES THAT U.S. COAL EXPORTS WERE 116 MMST IN 2018, 20% HIGHER THAN THE AMOUNT EXPORTED IN 2017
Coal Supply
EIA estimates that coal production declined by 20 million short tons (MMst) (3%) in 2018, despite a 19 MMst increase in U.S. coal e ...
Thursday, 17 January 19
U.S COAL OUTPUT IS EXPECTED TO FALL BY 3 PER CENT IN 2019 - EIA
EIA forecasts that U.S. coal production will total 729 million short tons (MMst) in 2019, down by 25 MMst (3%) from 2018.
Acco ...
Wednesday, 16 January 19
SHIPPING MARKET INSIGHT - INTERMODAL
As we go through the first days of the year and just a few weeks before the Chinese New Year, the ship repair sector is witnessing a big difference ...
Monday, 14 January 19
KOREA SOUTHERN POWER INVITES BIDS FOR 320,000 MT OF MIN 3,800 NCV COAL
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 320,000 MT of min 3,800 kcal/kg NCV coal for ...
|
|
|
Showing 1491 to 1495 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Eastern Energy - Thailand
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- SMG Consultants - Indonesia
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- The State Trading Corporation of India Ltd
- Sree Jayajothi Cements Limited - India
- Larsen & Toubro Limited - India
- Intertek Mineral Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sical Logistics Limited - India
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Eastern Coal Council - USA
- Posco Energy - South Korea
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- Cement Manufacturers Association - India
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- White Energy Company Limited
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- Latin American Coal - Colombia
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- CIMB Investment Bank - Malaysia
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- Grasim Industreis Ltd - India
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- Anglo American - United Kingdom
- CNBM International Corporation - China
- PTC India Limited - India
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Miang Besar Coal Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- Parliament of New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Metalloyd Limited - United Kingdom
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- Uttam Galva Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- MS Steel International - UAE
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- IHS Mccloskey Coal Group - USA
- Interocean Group of Companies - India
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Meralco Power Generation, Philippines
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- Directorate General of MIneral and Coal - Indonesia
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- Sinarmas Energy and Mining - Indonesia
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indian Oil Corporation Limited
- Bhatia International Limited - India
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Agrawal Coal Company - India
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- Coastal Gujarat Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- The University of Queensland
- Orica Australia Pty. Ltd.
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- Minerals Council of Australia
- Carbofer General Trading SA - India
- Goldman Sachs - Singapore
|
| |
| |
|
