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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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Monday, 24 February 20
CHINA SAYS MAJOR COAL FIRMS RESTORE 95% OF PRODUCTION CAPACITY - REUTERS
China’s coal companies controlled by the central government have resumed operations and are back at more than 95% of their capacity, an offic ...
Sunday, 23 February 20
SHIPPING INDUSTRY FACES $370 MILLION HIT FROM NEW PANAMA CANAL CHARGE - REUTERS
A new “freshwater” charge that came in this month to help the Panama Canal cope with climate change will cost the shipping industry up ...
Sunday, 23 February 20
A 57,000DWT SHIP FIXING DELIVERY SOUTH KALIMANTAN TRIP, REDELIVERY CJK, AT $7,600 - BALTIC BRIEFING
Capesize
The Capesize market found little to cheer about this week as it again endured remarkable lows. The Atlantic continued to improve, with ...
Saturday, 22 February 20
THE SURPRISING MOVE IN MARINE FUEL SPREADS - ING
Middle distillates tank
One of the biggest surprises since the implementation of new International Maritime Organization (IMO) sulphur regulati ...
Friday, 21 February 20
CAPE: AVERAGE NOMINAL DAILY EARNINGS STILL ADMITTEDLY UNCHANGED W-O-W AT BELOW US$3000 - FEARNLEYS
CAPE
The worst may just about be over for the big ships. Average nominal daily earnings still admittedly unchanged w-o-w at below US$3k, but sent ...
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- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- London Commodity Brokers - England
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- Economic Council, Georgia
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- Energy Development Corp, Philippines
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Jindal Steel & Power Ltd - India
- Xindia Steels Limited - India
- Coalindo Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- Bhoruka Overseas - Indonesia
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Rio Tinto Coal - Australia
- Petron Corporation, Philippines
- ASAPP Information Group - India
- Posco Energy - South Korea
- Electricity Generating Authority of Thailand
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
- Videocon Industries ltd - India
- Manunggal Multi Energi - Indonesia
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- Anglo American - United Kingdom
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Star Paper Mills Limited - India
- Australian Coal Association
- Deloitte Consulting - India
- Eastern Energy - Thailand
- Latin American Coal - Colombia
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- Makarim & Taira - Indonesia
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- PTC India Limited - India
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- MS Steel International - UAE
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- Riau Bara Harum - Indonesia
- GVK Power & Infra Limited - India
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
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