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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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Wednesday, 11 April 18
CHINA UTILITIES PLAN NEW COAL IMPORT PRICE INDEX TO CURB VOLATILITY - REUTERS
China’s major utilities are preparing to launch their own coal price index for imports, an official at China Huaneng Group said, in a move th ...
Wednesday, 11 April 18
US-CHINA TARIFF THREATS RAISE GLOBAL TRADE RISKS - FITCH
Escalating tariff proposals by the U.S. and Chinese governments are increasing the risks of a full-blown trade war, says Fitch Ratings. The most li ...
Tuesday, 10 April 18
BUMA GRANTED ADDITIONAL LOAN FACILITY FROM BTMU TO SUPPORT GROWTH
Press Release: PT Delta Dunia Makmur Tbk. is pleased to announce that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA"), signed an a ...
Monday, 09 April 18
APRIL INDONESIAN COAL PRICE REFERENCE DROPS TO LOWEST IN 2018
COALspot.com: According to latest ministerial decree, the Indonesian Coal Price Reference (HBA) decline 6.98 per cent in April 2018 compared to Mar ...
Friday, 06 April 18
TOP MINER BHP QUITS WORLD COAL ASSOCIATION OVER CLIMATE CLASH - BLOOMBERG
BHP Billiton Ltd. has severed ties with the World Coal Association over a clash of views on how to combat climate change, with the mining giant say ...
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- Romanian Commodities Exchange
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mintek Dendrill Indonesia
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- Trasteel International SA, Italy
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- PowerSource Philippines DevCo
- Iligan Light & Power Inc, Philippines
- Planning Commission, India
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Essar Steel Hazira Ltd - India
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- Mercuria Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Carbofer General Trading SA - India
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Bhatia International Limited - India
- Eastern Energy - Thailand
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
- Semirara Mining Corp, Philippines
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- MS Steel International - UAE
- Therma Luzon, Inc, Philippines
- Edison Trading Spa - Italy
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- Karaikal Port Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Anglo American - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- Banpu Public Company Limited - Thailand
- Minerals Council of Australia
- Globalindo Alam Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- Global Coal Blending Company Limited - Australia
- PTC India Limited - India
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- The University of Queensland
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Energy Link Ltd, New Zealand
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- Posco Energy - South Korea
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
- Sindya Power Generating Company Private Ltd
- Deloitte Consulting - India
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- India Bulls Power Limited - India
- Toyota Tsusho Corporation, Japan
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- London Commodity Brokers - England
- Baramulti Group, Indonesia
- Marubeni Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- Kumho Petrochemical, South Korea
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