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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, 05 July 18
INDONESIAN COAL PRICE REFERENCE HITS 74 MONTHS HIGH OF $104.65 A TON
COALspot.com: HBA keeps rising. According to latest ministerial decree No.1892 K/30/MEM/2018 dated 2 July 2018, the Indonesian Coal Price Reference ...
Tuesday, 03 July 18
COAL, THE SECOND MAIN COMMODITY FOR CAPES, HAS BEEN SHOWING A REMARKABLE RISE IN TRADE VOLUMES IN THE YEAR SO FAR - THOMAS CHASAPIS
Having reached the mid-point in the year, it seems to be a good time to summarize the overall trends noted in the Dry Bulk sector and more specific ...
Tuesday, 03 July 18
SUPRAMAX: A 56,000-DWT WAS FIXED BASIS DELIVERY SINGAPORE TRIP VIA INDONESIA, REDELIVERY CHINA, AT $12,100 - BALTIC BRIEFING
Capesize
The market generally drifted and by mid-week dropped to what some felt was an artificially low level, only to bounce back at the end o ...
Tuesday, 03 July 18
COAL OVERTAKES IRON ORE IN GOVERNMENT FORECASTS AS AUSTRALIA'S LARGEST EXPORT FOR 2018-19 - MINERALS COUNCIL OF AUSTRALIA
Coal is forecast to be Australia’s largest export earner at $58.1 billion in 2018-19 with iron ore exports forecast to earn $57.7 billion in ...
Monday, 02 July 18
THIESS SECURES NEW QCOAL NORTHERN HUB $480M CONTRACT
Thiess has been awarded a new A$480 million contract by QCoal to continue operations at the QCoal Northern Hub located in Queensland’s Bowen ...
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Showing 1681 to 1685 news of total 6871 |
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- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Trasteel International SA, Italy
- Petrochimia International Co. Ltd.- Taiwan
- Coalindo Energy - Indonesia
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Central Java Power - Indonesia
- Romanian Commodities Exchange
- MS Steel International - UAE
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- Thai Mozambique Logistica
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- Oldendorff Carriers - Singapore
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Australian Coal Association
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- Wood Mackenzie - Singapore
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- Krishnapatnam Port Company Ltd. - India
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Mines - Canada
- GAC Shipping (India) Pvt Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- VISA Power Limited - India
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- Ambuja Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
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