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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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- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- Medco Energi Mining Internasional
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Electricity Generating Authority of Thailand
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- Grasim Industreis Ltd - India
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- OPG Power Generation Pvt Ltd - India
- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- Karaikal Port Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- The University of Queensland
- PTC India Limited - India
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- Semirara Mining and Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Minerals Council of Australia
- IHS Mccloskey Coal Group - USA
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- Energy Development Corp, Philippines
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Electricity Authority, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- ASAPP Information Group - India
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Formosa Plastics Group - Taiwan
- White Energy Company Limited
- PNOC Exploration Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- Planning Commission, India
- Indonesian Coal Mining Association
- Port Waratah Coal Services - Australia
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- McConnell Dowell - Australia
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- New Zealand Coal & Carbon
- Malabar Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- Maharashtra Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- Kaltim Prima Coal - Indonesia
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Timah Investasi Mineral - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Sarangani Energy Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- Indogreen Group - Indonesia
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Carbofer General Trading SA - India
- Vizag Seaport Private Limited - India
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Barasentosa Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Globalindo Alam Lestari - Indonesia
- Kumho Petrochemical, South Korea
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