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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, 10 April 20
INDIA'S BULKS SUPPLY CHAIN TAKES A HIT DURING LOCKDOWN - WOOD MACKENZIE
India is under a three-week lockdown from 25 March to contain the spread of the coronavirus outbreak. Businesses are shut, and the supply chain is ...
Thursday, 09 April 20
SUSPENSION OF WRONGFUL TRADING IN LIGHT OF COVID 19 - WF&W
KNOWLEDGE TO ELEVATE
DIRECTORS’ PERSONAL LIABILITY FOR WRONGFUL TRADING – RELIEF DURING THE CORONAVIRUS CRISIS
As the UK&rsquo ...
Wednesday, 08 April 20
LESSONS LEARNED FROM SCRUBBER INSTALLATION AND OPERATION - ABS
KNOWLEDGE TO ELEVATE
At the beginning of this year, the IMO’s global sulfur cap on marine fuels entered into force and shipowners who ch ...
Wednesday, 08 April 20
MARKET INSIGHT - INTERMODAL
With lockdown measures around the globe tightening during the last weeks of Q1, there is finally a feeling that most countries are slowly but stead ...
Tuesday, 07 April 20
SHIPPING MARKET ANALYSIS - ALLIED
With the first quarter of 2020 now firmly written in the books, it is worth examining what we have witnessed so far in the tanker market. Undoubted ...
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Showing 1021 to 1025 news of total 6871 |
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- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- Indonesian Coal Mining Association
- Mjunction Services Limited - India
- Borneo Indobara - Indonesia
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- Simpson Spence & Young - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Anglo American - United Kingdom
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- Aditya Birla Group - India
- Electricity Authority, New Zealand
- Sree Jayajothi Cements Limited - India
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- Africa Commodities Group - South Africa
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Bhushan Steel Limited - India
- Karaikal Port Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- The University of Queensland
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Semirara Mining Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bulk Trading Sa - Switzerland
- New Zealand Coal & Carbon
- Parliament of New Zealand
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- Bukit Makmur.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Dalmia Cement Bharat India
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- Vedanta Resources Plc - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- South Luzon Thermal Energy Corporation
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- India Bulls Power Limited - India
- GMR Energy Limited - India
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Metalloyd Limited - United Kingdom
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- Intertek Mineral Services - Indonesia
- Toyota Tsusho Corporation, Japan
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- Carbofer General Trading SA - India
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- Meenaskhi Energy Private Limited - India
- MS Steel International - UAE
- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- Bhatia International Limited - India
- Thiess Contractors Indonesia
- Xindia Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- SMG Consultants - Indonesia
- Power Finance Corporation Ltd., India
- Petron Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- PTC India Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
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