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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, 17 August 18
MALAYSIA'S MANJUNG 4 - WORLD COAL ASSOCIATION
According to the IEA’s Energy Access Outlook 2017 report, nearly all of those who gained access to electricity worldwide in the last 16 years ...
Thursday, 16 August 18
COAL PRODUCTION AT 37.11 PERCENT OF FULL-YEAR TARGET - THE JAKARTA POST
Indonesian coal production was recorded at 180 million tons on Wednesday, or 37.11 percent of the government’s 485 million target this year.
...
Thursday, 16 August 18
OIL MARKET HIGHLIGHTS - OPEC
Crude Oil Price Movements
In July, the OPEC Reference Basket increased marginally by 5¢ m-o-m to settle at $73.27/b. Oil futures saw mixed ...
Tuesday, 14 August 18
THE CAPESIZE MARKET HAS SHOWN A TREMENDOUS COURSE DURING THE PAST 12 MONTHS - THOMAS CHASAPIS
The Capesize market has shown a tremendous course during the past 12 months, having quickly climbed out of the “hole that it had found itself ...
Monday, 13 August 18
A 50,200 DWT FIXED DELIVERY SINGAPORE TRIP VIA INDONESIA REDELIVERY CHINA IN THE LOW $10,000S - THE BALTIC BRIEFING
Capesize
Expectations of a further push in the market were largely unfulfilled last week as rates come under pressure in Asia as the North Atla ...
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- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Wilmar Investment Holdings
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Petron Corporation, Philippines
- VISA Power Limited - India
- Agrawal Coal Company - India
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Renaissance Capital - South Africa
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- ASAPP Information Group - India
- Indika Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- OPG Power Generation Pvt Ltd - India
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- IEA Clean Coal Centre - UK
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- San Jose City I Power Corp, Philippines
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- PTC India Limited - India
- Aditya Birla Group - India
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- Antam Resourcindo - Indonesia
- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Intertek Mineral Services - Indonesia
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- Bhatia International Limited - India
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Samtan Co., Ltd - South Korea
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- Simpson Spence & Young - Indonesia
- Ministry of Transport, Egypt
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- Semirara Mining Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- White Energy Company Limited
- Parliament of New Zealand
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- Chettinad Cement Corporation Ltd - India
- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Oil Corporation Limited
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
- Medco Energi Mining Internasional
- Coal and Oil Company - UAE
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- Gujarat Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- Indonesian Coal Mining Association
- Posco Energy - South Korea
- Independent Power Producers Association of India
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
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