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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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Tuesday, 18 June 19
TANKER SHIPPING: WHILE WE WAIT FOR 2020 TO KICK IN, IT'S ALL ABOUT POLITICS - BIMCO
Demand drivers and freight rates
Iran, Libya and Venezuela face export limitations because of sanctions and internal political troubles. At the s ...
Saturday, 15 June 19
SUPRAMAX: A 58,000-TONNER, OPEN QINGDAO, WAS BOOKED TO REDELIVER IN EAST COAST INDIA AT $6,500 - BALTIC BRIEFING
Capesize
The market closed on a quiet Friday last week after a few hectic days of mid-week trading. Trade routes from Brazil to the Far East we ...
Friday, 14 June 19
PANAMAX: OUTLOOK IS MIXED - FERNLEYS
Capesize
Sentiment changed to a more nervous tone as pacific cargo volumes failed to deliver as expected, however latest activity indicates res ...
Friday, 14 June 19
ELECTRONIC (PAPERLESS) TRADING - SKULD
KNOWLEDGE TO ELEVATE
Electronic Shipping Solutions: Bolero International Ltd, E-Title Authority Pte Ltd, Global Share S.A. (edoxOnline platfor ...
Wednesday, 12 June 19
KOSPO INVITES BIDS FOR 140,000 MT OF 4,600 NCV COAL FOR SEP. 2019 LOADING
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 140,000 MT of minimum 4,600 kcal/kg NCV coal ...
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- Bhoruka Overseas - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- Ministry of Finance - Indonesia
- Essar Steel Hazira Ltd - India
- Sindya Power Generating Company Private Ltd
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- Economic Council, Georgia
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Cement Manufacturers Association - India
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- GMR Energy Limited - India
- Manunggal Multi Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- PowerSource Philippines DevCo
- Siam City Cement - Thailand
- Posco Energy - South Korea
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- Kobexindo Tractors - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- Wood Mackenzie - Singapore
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- OPG Power Generation Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Meralco Power Generation, Philippines
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Karbindo Abesyapradhi - Indoneisa
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- Indian Oil Corporation Limited
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Bhatia International Limited - India
- Larsen & Toubro Limited - India
- LBH Netherlands Bv - Netherlands
- Central Electricity Authority - India
- India Bulls Power Limited - India
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- TeaM Sual Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Mercator Lines Limited - India
- Billiton Holdings Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- The Treasury - Australian Government
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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