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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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Thursday, 15 March 18
BHEL COMMISSIONS 600 MW THERMAL POWER PLANT FOR APGENCO IN ANDHRA PRADESH
Bharat Heavy Electricals Limited (BHEL) has successfully commissioned a 600 MW coal-based thermal power plant in the state of Andhra Pradesh.
...
Thursday, 15 March 18
SUEK GROUP SECURES $1.055BN 5-YEAR SYNDICATED PRE-EXPORT FINANCE FACILITY
SUEK Group signed a $1.055bn syndicated pre-export loan agreement. The facility with five years duration is secured against the Group’s expor ...
Wednesday, 14 March 18
COAL PRICES UP SAYS MINERALS COUNCIL - IAN KIRKWOOD,THE HERALD
NSW thermal coal exports were at near-record levels last year but prices were up, the Minerals Council of NSW has said after appraising annual stat ...
Wednesday, 14 March 18
NEW COAL PRICE FORMULA DOESN'T APPLY RETROACTIVELY: OFFICIAL - THE JAKARTA GLOBE
The Energy and Mineral Resources Ministry has decided to change the implementation period of the new discounted price formula for coal sold to the ...
Wednesday, 14 March 18
SHIPPING MARKET INSIGHT - VASILIS MOIRIS
Interest in second hand tonnage remains firm with buyers in the dry bulk sector looking to benefit from rising freight rates that are eventually ex ...
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Showing 1771 to 1775 news of total 6871 |
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- Global Coal Blending Company Limited - Australia
- Bangladesh Power Developement Board
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Mercator Lines Limited - India
- Ministry of Finance - Indonesia
- Dalmia Cement Bharat India
- Baramulti Group, Indonesia
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Maheswari Brothers Coal Limited - India
- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- Manunggal Multi Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- Anglo American - United Kingdom
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- Tamil Nadu electricity Board
- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- Bhatia International Limited - India
- Port Waratah Coal Services - Australia
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- Malabar Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- Indian Energy Exchange, India
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Star Paper Mills Limited - India
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Banpu Public Company Limited - Thailand
- Salva Resources Pvt Ltd - India
- Marubeni Corporation - India
- White Energy Company Limited
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- Simpson Spence & Young - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- Minerals Council of Australia
- Petron Corporation, Philippines
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- Iligan Light & Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Parry Sugars Refinery, India
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- Sarangani Energy Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- ICICI Bank Limited - India
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- Energy Link Ltd, New Zealand
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Latin American Coal - Colombia
- Wood Mackenzie - Singapore
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
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