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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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Wednesday, 12 June 19
IMO 2020 - COUNTDOWN TO 1 JANUARY 2020 -HOW WILL THE CHANGES AFFECT REFINING AND SHIPPING? - WOOD MACKENZIE
We know that the IMO’s regulations represent the biggest step change the shipping industry has ever seen and the implications will be felt th ...
Wednesday, 12 June 19
SHIPPING MARKET INSIGHT - INTERMODAL
This year’s tanker S&P activity keeps edging higher compared to the same period in 2018. Year to date we have seen some 143 ships, rangin ...
Tuesday, 11 June 19
INDONESIAN COAL PRICE REFERENCE SET AT $81.48 PER TON IN JUNE, DOWN 15.66 PERCENT YEAR-ON-YEAR
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
Monday, 10 June 19
CONSECUTIVE OWNERS OF CARGO: WHO HOLDS TITLE AND THE RIGHT TO SUE? - COLIN BIGGERS & PAISLEY
KNOWLEDGE TO ELEVATE
In Tritton Resources Pty Ltd v Ever Rock Navigation S.A. [2019] FCA 276, the Federal Court considered the application of ...
Monday, 10 June 19
KOSPO INVITES BIDS FOR 1,305,000 MT OF MIN 5600 KCAL/KG NCV COAL FOR SEPT 2019 TO DEC 2021
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 435,000 MT (per year) of max 5,600 kcal/kg N ...
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- Thai Mozambique Logistica
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- Minerals Council of Australia
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Economic Council, Georgia
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- South Luzon Thermal Energy Corporation
- CIMB Investment Bank - Malaysia
- Bulk Trading Sa - Switzerland
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- Gujarat Sidhee Cement - India
- The University of Queensland
- Wood Mackenzie - Singapore
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- Meralco Power Generation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- ASAPP Information Group - India
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- Madhucon Powers Ltd - India
- Interocean Group of Companies - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Coalindo Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- ICICI Bank Limited - India
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- Bharathi Cement Corporation - India
- Sindya Power Generating Company Private Ltd
- Cement Manufacturers Association - India
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- Maheswari Brothers Coal Limited - India
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Renaissance Capital - South Africa
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- White Energy Company Limited
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- Pendopo Energi Batubara - Indonesia
- Semirara Mining Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- India Bulls Power Limited - India
- Sarangani Energy Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- Vedanta Resources Plc - India
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- Global Coal Blending Company Limited - Australia
- Karaikal Port Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- Kepco SPC Power Corporation, Philippines
- Aditya Birla Group - India
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Ministry of Finance - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Latin American Coal - Colombia
- Global Green Power PLC Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Australian Commodity Traders Exchange
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Indian Oil Corporation Limited
- PTC India Limited - India
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- Planning Commission, India
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
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