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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, 02 December 19
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GVK Power & Infra Limited - India
- Coastal Gujarat Power Limited - India
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- Ministry of Transport, Egypt
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- Sarangani Energy Corporation, Philippines
- Indian Oil Corporation Limited
- Planning Commission, India
- Parry Sugars Refinery, India
- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- Trasteel International SA, Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- Mintek Dendrill Indonesia
- Coalindo Energy - Indonesia
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- Cement Manufacturers Association - India
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- Edison Trading Spa - Italy
- MS Steel International - UAE
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- Independent Power Producers Association of India
- Kumho Petrochemical, South Korea
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
- Miang Besar Coal Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- European Bulk Services B.V. - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
- CNBM International Corporation - China
- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- McConnell Dowell - Australia
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Georgia Ports Authority, United States
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- Thai Mozambique Logistica
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- Standard Chartered Bank - UAE
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- Economic Council, Georgia
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- Manunggal Multi Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- PowerSource Philippines DevCo
- Tamil Nadu electricity Board
- Gujarat Sidhee Cement - India
- The University of Queensland
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- SN Aboitiz Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Mines - Canada
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