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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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Thursday, 02 January 20
SULPHUR 2020 COMPENDIUM - HOW ARE INDIVIDUAL PORT STATES EXPECTED TO REACT? - STANDARD CLUB
KNOWLEDGE TO ELEVATE
With the new sulphur limits soon to be in force, Standard Club has been investigating the ways in which certain jurisdict ...
Monday, 30 December 19
AUSTRALIAN MINERS HIT BY LOWEST THERMAL COAL PRICE IN MORE THAN A DECADE - THE GUARDIAN
Australian coal exporters have experienced the biggest annual drop in thermal coal prices in more than a decade during 2019, raising doubts about i ...
Monday, 30 December 19
INDIA'S COAL IMPORTS RISE 4% TO 161.43 MT IN APRIL-NOVEMBER 2019 - PTI
The country’s coal imports registered an increase of 4.4 per cent to 161.43 million tonnes (MT) in the April-November period of the ongoing f ...
Sunday, 29 December 19
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Sunday, 29 December 19
IMO 2020 COMPLIANCE: IT'S UP TO US TO BE GOOD CITIZENS - IBIA
One of the concerns around implementation of the 0.50% sulphur limit has been, and continues to be, the need for effective enforcement to ensure a ...
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Showing 1216 to 1220 news of total 6871 |
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- Mercator Lines Limited - India
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- Anglo American - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- Economic Council, Georgia
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- Electricity Generating Authority of Thailand
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Romanian Commodities Exchange
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- AsiaOL BioFuels Corp., Philippines
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- Energy Development Corp, Philippines
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- IEA Clean Coal Centre - UK
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
- The Treasury - Australian Government
- Bharathi Cement Corporation - India
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- SMG Consultants - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- Videocon Industries ltd - India
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
- Sarangani Energy Corporation, Philippines
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Attock Cement Pakistan Limited
- SMC Global Power, Philippines
- Vedanta Resources Plc - India
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Borneo Indobara - Indonesia
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- The University of Queensland
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- European Bulk Services B.V. - Netherlands
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coalindo Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Australian Coal Association
- MS Steel International - UAE
- Agrawal Coal Company - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Formosa Plastics Group - Taiwan
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- CNBM International Corporation - China
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Uttam Galva Steels Limited - India
- PTC India Limited - India
- White Energy Company Limited
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- Minerals Council of Australia
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