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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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Monday, 04 January 21
U.S. RENEWABLE ENERGY CONSUMPTION SURPASSES COAL FOR THE FIRST TIME IN OVER 130 YEARS - EIA
In 2019, U.S. annual energy consumption from renewable sources exceeded coal consumption for the first time since before 1885, according to the U.S ...
Monday, 04 January 21
BLISS FOR SHIPOWNERS! DAMAGES MAY BE CLAIMED IN ADDITION TO DEMURRAGE FOR VOYAGE CHARTERPARTY DELAY - WFW
KNOWLEDGE TO ELEVATE
In a significant decision for the maritime sector, The Eternal Bliss[1], the English Commercial Court has resol ...
Sunday, 03 January 21
INDIA: COMMERCE MINISTRY LAUNCHES COAL IMPORT MONITORING SYSTEM - PTI
CIMS shall require importers to submit advance information in an online system for imports of items and obtain an automatic registration number by ...
Wednesday, 30 December 20
A LOOK BACK INTO 2020: THE HEADWINDS, THE TAILWINDS AND EVERYTHING IN BETWEEN - SIGNAL
There is no doubt that 2020 has been a turbulent year for commercial shipping. The coronavirus pandemic has shaken the global maritime transport. T ...
Tuesday, 29 December 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.66 PCT - XINHUA
China Taiyuan coal transaction price index stood at 134.78 points Monday, up 0.66 percent week on week.
The index, released by China ...
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- Simpson Spence & Young - Indonesia
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Goldman Sachs - Singapore
- The University of Queensland
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- Coastal Gujarat Power Limited - India
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Planning Commission, India
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Manunggal Multi Energi - Indonesia
- Ministry of Finance - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- Bulk Trading Sa - Switzerland
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- Anglo American - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- Parliament of New Zealand
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Antam Resourcindo - Indonesia
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- Rashtriya Ispat Nigam Limited - India
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- White Energy Company Limited
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Interocean Group of Companies - India
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Renaissance Capital - South Africa
- Borneo Indobara - Indonesia
- Star Paper Mills Limited - India
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Tata Chemicals Ltd - India
- Port Waratah Coal Services - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
- Bukit Makmur.PT - Indonesia
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- Bhatia International Limited - India
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- Essar Steel Hazira Ltd - India
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
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