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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, 27 January 21
MARKET INSIGHT - INTERMODAL
As we have entered the era off renewable energies, all industries globally give max effort to minimize their carbon footprint and consequently thei ...
Monday, 25 January 21
ULTRAMAX YET ANOTHER POSITIVE WEEK FOR THE SECTOR, WHICH SAW INCREASED DEMAND ACROSS ALL BASINS - BALTIC BRIEFING
Capesize
The Capesize market rocked and rolled these past few days. But by weeks end little had changed on the Capesize 5TC as it settled down ...
Monday, 25 January 21
NEW LAW IN CALIFORNIA, USA, AFFECTING SHIPOWNERS' LIABILITY FOR OIL POLLUTION - BIMCO
Members are advised that amendments to the so-called Lempert-Keene-Seastrand Oil Spill Prevention and Response Act of 1990 in the State of Californ ...
Monday, 25 January 21
COAL INDIA SAYS GEARED UP TO MEET SURGE IN FUEL DEMAND FROM POWER SECTOR - PTI
State-owned Coal India Ltd on Saturday said that it is well geared to meet any surge in demand for coal from the power sector.
The s ...
Sunday, 24 January 21
GOVT ASSURES COAL INDIA OF 'FULL SUPPORT', STRESSES ON LEARNING 'NEW THINGS' - PTI
Coal Minister Pralhad Joshi assured Coal India of full government support, even as he said the PSU needs to learn “new things” for impr ...
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- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- Parliament of New Zealand
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Central Electricity Authority - India
- Lanco Infratech Ltd - India
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Australian Coal Association
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Thai Mozambique Logistica
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- Romanian Commodities Exchange
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
- Interocean Group of Companies - India
- Ambuja Cements Ltd - India
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- Latin American Coal - Colombia
- SMG Consultants - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- Attock Cement Pakistan Limited
- White Energy Company Limited
- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- Agrawal Coal Company - India
- Posco Energy - South Korea
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- Georgia Ports Authority, United States
- Coalindo Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- Economic Council, Georgia
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- Mjunction Services Limited - India
- Chettinad Cement Corporation Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- MS Steel International - UAE
- Simpson Spence & Young - Indonesia
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- Electricity Generating Authority of Thailand
- PTC India Limited - India
- Grasim Industreis Ltd - India
- Uttam Galva Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- Orica Australia Pty. Ltd.
- Madhucon Powers Ltd - India
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- Bangladesh Power Developement Board
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Planning Commission, India
- Star Paper Mills Limited - India
- Siam City Cement PLC, Thailand
- Directorate Of Revenue Intelligence - India
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Carbofer General Trading SA - India
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- Ministry of Mines - Canada
- Sree Jayajothi Cements Limited - India
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
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