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