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