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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, 16 December 19
THE OUTLOOK FOR U.S. THERMAL COAL IS INCREASINGLY STRESSED - MOODY'S
- Slowing global economic growth, trade tensions will continue to exert influence
- Coal's secular decline will persist in 2020
...
Thursday, 12 December 19
KOWEPO INVITING BIDS FOR 2.28 MILLION TONS OF MIN.4,400 NCV COAL
COALspot.com: South Korea’s Korea Western Power Co., Ltd. (KOWEPO) has issued an international tender for total 2,280,000 tons of (Sub) Bitum ...
Wednesday, 11 December 19
PANAMAX: THE MARKET REMAINED FIRM IN THE PACIFIC, WITH INCREASED ACTIVITY NOTED IN KEY AREAS, SUCH AS INDONESIA - ALLIED
Capesize – Positive momentum was resumed this past week, with earnings mak-ing some gains once again. This rising pattern was reflected in th ...
Tuesday, 10 December 19
PREPARATIONS INTENSIFY AS IMO 2020 GLOBAL SULPHUR CAP LOOMS - STANDARD CLUB
With less than a month to go for the impending IMO 2020 global sulphur cap, the club has started witnessing dispute cases relating to the measureme ...
Monday, 09 December 19
KOREA SOUTHERN POWER CO LTD IS INVITING OFFERS FOR MIN 3700 NCV COAL
COALspot.com: South Korea’s Korea East-West Power Co. Ltd has issued an international tender for 160,000 Tons steam coal.
Acco ...
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- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- Ministry of Finance - Indonesia
- ASAPP Information Group - India
- SMG Consultants - Indonesia
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Deloitte Consulting - India
- Rashtriya Ispat Nigam Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- Trasteel International SA, Italy
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- Indika Energy - Indonesia
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- Parliament of New Zealand
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- Commonwealth Bank - Australia
- The University of Queensland
- Sical Logistics Limited - India
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- Indo Tambangraya Megah - Indonesia
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- Gujarat Mineral Development Corp Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Baramulti Group, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- Latin American Coal - Colombia
- Marubeni Corporation - India
- Tamil Nadu electricity Board
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
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