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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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Tuesday, 14 January 20
MABUX: BUNKER MARKET THIS MORNING, JAN.14
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Tuesday, 14 January 20
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Saturday, 11 January 20
ARE YOU 95% CONFIDENT THAT YOUR VERY LOW SULPHUR FUEL IS ON SPEC AND MARPOL COMPLIANT? - GARD
KNOWLEDGE TO ELEVATE
Bunker fuel is a commodity and, like all commodities, is produced and sold according to specifications. Bunkers are usual ...
Saturday, 11 January 20
NEW PRICING COULD SPELL TROUBLE FOR CHINA'S COAL SECTOR - CHINA DIALOGUE
Benchmark coal tariffs have been the foundation of China’s electricity pricing since 2004 but this mechanism was replaced on January 1 with a ...
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- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- Semirara Mining Corp, Philippines
- PTC India Limited - India
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- Global Business Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- The University of Queensland
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- White Energy Company Limited
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Parliament of New Zealand
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- Port Waratah Coal Services - Australia
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- MS Steel International - UAE
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- PowerSource Philippines DevCo
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- Medco Energi Mining Internasional
- Bahari Cakrawala Sebuku - Indonesia
- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- London Commodity Brokers - England
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Interocean Group of Companies - India
- Kaltim Prima Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Orica Mining Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- Petron Corporation, Philippines
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- Xindia Steels Limited - India
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Bayan Resources Tbk. - Indonesia
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- Bukit Baiduri Energy - Indonesia
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
- Energy Development Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- Tata Chemicals Ltd - India
- Australian Coal Association
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- Bhatia International Limited - India
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement - Thailand
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- Bukit Makmur.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- Economic Council, Georgia
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- Uttam Galva Steels Limited - India
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- Ind-Barath Power Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- Mercator Lines Limited - India
- Formosa Plastics Group - Taiwan
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- Kepco SPC Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- Maheswari Brothers Coal Limited - India
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
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