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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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Tuesday, 27 October 20
PLN STILL REFUSING TO ADAPT, A MOVE WHICH WILL HURT INVESTORS, CONSUMERS, AND THE GOVERNMENT PURSE - IEEFA
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Monday, 26 October 20
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Friday, 23 October 20
SHIPPING LOANS AND COLLATERAL DAMAGE - VICTOR ONYEGBADO, AKABOGU & ASSOCIATES
KNOWLEDGE TO ELEVATE
Shipping finance transactions are characterised by peculiar risk factors principally on account of the shipping asset&rsq ...
Friday, 23 October 20
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Wednesday, 21 October 20
BRAZIL EXPORTED 238.7 MLN TONNES OF IRON ORE IN THE FIRST 9 MONTHS OF 2020 - BANCHERO COSTA
Brazil’s iron ore exports have been gradually but steadily recovering following a disastrous winter period of 2019/2020. In the first 9 month ...
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- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- The University of Queensland
- The State Trading Corporation of India Ltd
- Essar Steel Hazira Ltd - India
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Australian Coal Association
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Sakthi Sugars Limited - India
- Interocean Group of Companies - India
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- Directorate General of MIneral and Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- South Luzon Thermal Energy Corporation
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- Ind-Barath Power Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- Intertek Mineral Services - Indonesia
- Trasteel International SA, Italy
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Makarim & Taira - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- Agrawal Coal Company - India
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- Power Finance Corporation Ltd., India
- Wilmar Investment Holdings
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- Gujarat Sidhee Cement - India
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- Formosa Plastics Group - Taiwan
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- Ministry of Finance - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- AsiaOL BioFuels Corp., Philippines
- Ministry of Mines - Canada
- PTC India Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- McConnell Dowell - Australia
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Heidelberg Cement - Germany
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- Global Green Power PLC Corporation, Philippines
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- Kobexindo Tractors - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- Manunggal Multi Energi - Indonesia
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
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