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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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Friday, 29 May 20
KOMIPO ON BEHALF FIVE KOREAN GENCOS INVITED COAL BIDS FOR 5,700 & 4999 NCV COAL FOR AUGUST 2020 LOADING
COALspot.com: South Korea’s Korea Midland Power Co.,Ltd (KOMIPO) on behalf five (5) Korean Gencos has Issued an International Tender for tota ...
Friday, 29 May 20
DRY BULK SHIPPING: NO QUICK RECOVERY FOR THE DRY BULK MARKET AS COVID-19 DIGS DEEPER
The outlook is poor for dry bulk, as the negative demand shock and overcapacity come together to send rates to multi-year lows, even a return to wo ...
Thursday, 28 May 20
COVID-19: A FORCE MAJEURE EVENT? - KYPRIANOU
KNOWLEDGE TO ELEVATE
While seeing the unexpected COVID-19 outbreak expanding worldwide and the first cases being identified in Cyprus, the com ...
Thursday, 28 May 20
OIL DEMAND RECOVERED BY 20% IN MAY AGAINST APRIL: RUSSIAN ENERGY MINISTER - TASS
Oil demand remains at a low level but the demand in May increased by 20% against April, Russian Energy Minister Alexander Novak said, cited by the ...
Thursday, 28 May 20
MARKET INSIGHT - INTERMODAL
Earlier in May, China’s top leaders convened for the annual National People's Congress, following over two months of delays due to the co ...
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- Siam City Cement PLC, Thailand
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Indian Oil Corporation Limited
- Coalindo Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Jaiprakash Power Ventures ltd
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- PTC India Limited - India
- GMR Energy Limited - India
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Lanco Infratech Ltd - India
- Price Waterhouse Coopers - Russia
- Miang Besar Coal Terminal - Indonesia
- CNBM International Corporation - China
- Chettinad Cement Corporation Ltd - India
- Aboitiz Power Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- San Jose City I Power Corp, Philippines
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- South Luzon Thermal Energy Corporation
- PetroVietnam Power Coal Import and Supply Company
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- The University of Queensland
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- Port Waratah Coal Services - Australia
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Economic Council, Georgia
- Marubeni Corporation - India
- Posco Energy - South Korea
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- Krishnapatnam Port Company Ltd. - India
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- Kobexindo Tractors - Indoneisa
- Central Electricity Authority - India
- PNOC Exploration Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Borneo Indobara - Indonesia
- Therma Luzon, Inc, Philippines
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- Intertek Mineral Services - Indonesia
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- Petron Corporation, Philippines
- Thiess Contractors Indonesia
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- Directorate Of Revenue Intelligence - India
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Thai Mozambique Logistica
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- Wood Mackenzie - Singapore
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- Deloitte Consulting - India
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- Renaissance Capital - South Africa
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
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