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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, 30 September 20
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Tuesday, 29 September 20
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- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- OPG Power Generation Pvt Ltd - India
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- The University of Queensland
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Directorate Of Revenue Intelligence - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aditya Birla Group - India
- Star Paper Mills Limited - India
- Aboitiz Power Corporation - Philippines
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- Coal and Oil Company - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Bharathi Cement Corporation - India
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Energy Link Ltd, New Zealand
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- Videocon Industries ltd - India
- Bukit Baiduri Energy - Indonesia
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Posco Energy - South Korea
- Rio Tinto Coal - Australia
- Dalmia Cement Bharat India
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- Economic Council, Georgia
- Planning Commission, India
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- Central Electricity Authority - India
- Attock Cement Pakistan Limited
- Directorate General of MIneral and Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Thiess Contractors Indonesia
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- GMR Energy Limited - India
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- Merrill Lynch Commodities Europe
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- Bayan Resources Tbk. - Indonesia
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thai Mozambique Logistica
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- South Luzon Thermal Energy Corporation
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Parliament of New Zealand
- White Energy Company Limited
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Kepco SPC Power Corporation, Philippines
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
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