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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, 23 September 19
CHINA RECORDS SLOWER GROWTH IN COAL PRODUCTION - XINHUA
The growth of China’s raw coal production slowed down in August, data from the National Bureau of Statistics (NBS) showed.
Aro ...
Friday, 20 September 19
INDIA TO INVITE BIDS FOR COMMERCIAL COAL MINING IN DECEMBER - MINISTER FOR COAL
India aims to begin the process of holding the first round of commercial coal mining auctions December end, Minister for Coal, Mines and Parliament ...
Friday, 20 September 19
INDIA: ECONOMIC SLOWDOWN IMPACTS COAL IMPORT CARGO IN H1 FY20 - PTI
Economic slowdown has impacted coal import cargo in the first half of this fiscal, as overall cargo growth at major ports registered a marginal gro ...
Wednesday, 18 September 19
SHIPPING MARKET INSIGHT - INTERMODAL
During the first week of September, I had the privilege of attending the Donsö Shipping Meet 2019, in Donsö, a small island of around 1,& ...
Tuesday, 17 September 19
PANAMA SHIP REGISTRY MODERNIZES SHIP REGISTRATION
The Panama Ship Registry has announced it will integrate in a single platform “Electronic Ship Registration System (ESRS)” the present ...
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- San Jose City I Power Corp, Philippines
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Goldman Sachs - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Cement Manufacturers Association - India
- White Energy Company Limited
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Rio Tinto Coal - Australia
- Indogreen Group - Indonesia
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- IEA Clean Coal Centre - UK
- Iligan Light & Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- South Luzon Thermal Energy Corporation
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- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Chettinad Cement Corporation Ltd - India
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Australian Coal Association
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- Wilmar Investment Holdings
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- ICICI Bank Limited - India
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- Minerals Council of Australia
- Agrawal Coal Company - India
- Economic Council, Georgia
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Siam City Cement PLC, Thailand
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Africa Commodities Group - South Africa
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- Sakthi Sugars Limited - India
- LBH Netherlands Bv - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Petrochimia International Co. Ltd.- Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Antam Resourcindo - Indonesia
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- The University of Queensland
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- PTC India Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
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