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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, 07 May 18
SOUTH KOREA STATE-OWNED UTILITY KOREA MIDLAND POWER ISSUED A TENDER FOR 1 MILLION TONS OF BITUMINOUS COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 520,000 mt of min. 5700 NAR coal of Australian origi ...
Monday, 07 May 18
GLOBAL COAL DEMAND ROSE ABOUT 1% IN 2017; ASIA ACCOUNTED FOR THE LARGEST INCREASE IN COAL DEMAND, UP 35 MTOE RELATIVE TO 2016 - IEA
Global coal demand rose about 1% in 2017, reversing the declining trend seen over the last two years. This growth was mainly due to demand in Asia, ...
Friday, 04 May 18
ELECTRICITY GENERATION FROM RENEWABLES WAS SECOND ONLY TO COAL IN 2017 - IEA
World electricity demand increased by 3.1 %, significantly higher than the overall increase in energy demand. Together, China and India accounted f ...
Thursday, 03 May 18
SUPRAMAX: INDO - CHINA COAL ROUNDS ARE PAYING IN THE LOW-MID $12000 BSS SINGAPORE DELIVERY - FEARNLEYS
Supramax
As expected a slow and uneventful start to the week with holidays in many countries, however by mid-week some fresh requirements and pos ...
Tuesday, 01 May 18
SUPRAMAX: COAL RUNS, A 61,000-DWT WAS FIXED BASIS DELIVERY SURABAYA, FOR A TRIP VIA INDONESIA, RE-DELIVERY INDIA AT $15,000 - BALTIC BRIEFING
Capesize
Rates eased in the East, as the week closed out with the momentum slowing. Levels on the key West Australia/China run dropped to $7.25 ...
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Showing 1726 to 1730 news of total 6871 |
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- Sinarmas Energy and Mining - Indonesia
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- Posco Energy - South Korea
- Independent Power Producers Association of India
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- ASAPP Information Group - India
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- Vedanta Resources Plc - India
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- Edison Trading Spa - Italy
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Gujarat Sidhee Cement - India
- Electricity Generating Authority of Thailand
- Uttam Galva Steels Limited - India
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement - Thailand
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- Semirara Mining and Power Corporation, Philippines
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- McConnell Dowell - Australia
- Economic Council, Georgia
- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- Planning Commission, India
- Georgia Ports Authority, United States
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- Port Waratah Coal Services - Australia
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- Directorate Of Revenue Intelligence - India
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- Kepco SPC Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Therma Luzon, Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
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