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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 $9.0m.
It is clear that the current asset prices are at a 2-year low. How much further down they can go remains to be seen. Tankers at current prices are definitely the segment that owners and investors should be looking at. While no one is a prophet, you can’t go wrong with the age-old adage of “buy low; sell high”.
By Konstantinos Kontomichis
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Friday, 09 March 18
U.S. EXPORTED 97 MMST OF COAL IN 2017, A 61 PER CENT INCREASE FROM 2016 - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.1 million short tons ...
Thursday, 08 March 18
BUMA SIGNED OVER US$ 500 MILLION WORTH OF NEW CONTRACT WITH PT TANAH BUMBU RESOURCES
PT Delta Dunia Makmur Tbk., announced that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA"), has entered into mining services ...
Thursday, 08 March 18
THE ENERGY CONTRIBUTION FROM COAL-BASED POWER PLANTS IS LIKELY TO INCREASE TO 1072 BU BY 2021-22 : PIB
Government of India has set an ambitious target of 175 GW from Renewable energy sources (RES) by 2022, which comprises of 100 GW Solar, 60GW from W ...
Thursday, 08 March 18
SUPRAMAX: THE MARKET IS STILL GOING STRONG IN THE PACIFIC - FEARNLEYS
Supramax
The market is still going strong in the Pacific, with Ultra fixing high US$ 13000+375000 bb for South Africa to ECI while nickel ore run ...
Thursday, 08 March 18
AVERAGE U.S. COAL MINING PRODUCTIVITY INCREASES AS PRODUCTION FALLS - EIA
Coal mining productivity in the United States increased 26% over the past five years, reaching 6.8 tons per miner hour in 2017, up from 5.4 tons pe ...
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- Iligan Light & Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Minerals Council of Australia
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- Deloitte Consulting - India
- IEA Clean Coal Centre - UK
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- Planning Commission, India
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- Madhucon Powers Ltd - India
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- Essar Steel Hazira Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Ministry of Finance - Indonesia
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- Indonesian Coal Mining Association
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- Globalindo Alam Lestari - Indonesia
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- Therma Luzon, Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- Standard Chartered Bank - UAE
- GN Power Mariveles Coal Plant, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- Kobexindo Tractors - Indoneisa
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- Australian Coal Association
- Antam Resourcindo - Indonesia
- SMG Consultants - Indonesia
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- OPG Power Generation Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- TeaM Sual Corporation - Philippines
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Aditya Birla Group - India
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- Coalindo Energy - Indonesia
- Posco Energy - South Korea
- The Treasury - Australian Government
- MS Steel International - UAE
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sojitz Corporation - Japan
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- The University of Queensland
- Thiess Contractors Indonesia
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
- Eastern Coal Council - USA
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