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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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Friday, 27 September 19
LOWDOWN ON INCOTERMS 2020 OVERHAUL - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
This ninth revision of Incoterms is changed in style and substance. The revisions improve certain aspects of Incoterms 20 ...
Thursday, 26 September 19
INDIA INCREASES ITS ANNUAL COAL PRODUCTION BY 2.7% PER YEAR FROM 850 MILLION SHORT TONS IN 2018 TO 2 BILLION SHORT TONS BY 2050 - EIA
Worldwide coal production holds steady at about 8 billion short tons, or 160 quadrillion British thermal units (Btu), per year through 2040. Inc ...
Wednesday, 25 September 19
SHIPPING MARKET INSIGHT - INTERMODAL
In the past five months there has been significant activity in the asset market with the dry bulk segment being by far the most volatile in terms o ...
Tuesday, 24 September 19
9TH ANNUAL SUPPLY CHAIN INNOVATION SUMMIT 2019 ASIA PACIFIC
Summit: 9th Annual Supply Chain Innovation Summit 2019 Asia Pacific
Host: Ace Events
Website: http: ...
Monday, 23 September 19
SUPRAMAX: THE ASIAN ARENA IT WAS A SLOW START, BUT DEMAND INCREASED AS THE WEEK WENT ON - BALTIC BRIEFING
Capesize
The market trended down over this past week, breaking the market out of its upward trending range. While the market traded sideways at ...
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- Tata Chemicals Ltd - India
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Jaiprakash Power Ventures ltd
- White Energy Company Limited
- Heidelberg Cement - Germany
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- AsiaOL BioFuels Corp., Philippines
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Savvy Resources Ltd - HongKong
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- LBH Netherlands Bv - Netherlands
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- Indian Energy Exchange, India
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- Central Java Power - Indonesia
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Altura Mining Limited, Indonesia
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- Petron Corporation, Philippines
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Australian Coal Association
- Anglo American - United Kingdom
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- Billiton Holdings Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Mjunction Services Limited - India
- Dalmia Cement Bharat India
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- Ambuja Cements Ltd - India
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- Medco Energi Mining Internasional
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Salva Resources Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
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