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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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Thursday, 09 May 19
OFFSHORE CARIBBEAN CONGRESS 2019
Offshore Caribbean Congress 2019
Event Date: 4-5th July. 2019t
Location: Georgetown, Guyana
Hess announced a new d ...
Tuesday, 07 May 19
UNDOUBTEDLY A VERY TROUBLED YEAR FOR THE DRY BULK MARKET, SAYS ALLIED SHIPPING
Undoubtedly a very troubled year for the dry bulk market says Allied Shipping in its latest weekly report.
Thomas Chasapis, Re ...
Saturday, 04 May 19
HOW THE 'FAIR VALUE' OF COAL ASSETS IS AFFECTED BY COMMODITY CYCLES - CRU
As with any commodity, valuing coal assets can be tricky due to the cyclical nature of the market. In this insight, CRU discusses how commodity cyc ...
Friday, 03 May 19
SUPRAMAX: WITH WIDESPREAD HOLIDAYS DURING THE WEEK, THE MARKET LACKED IMPETUS - BALTIC BRIEFING
Capesize
The market last week was a tale of two halves, with substantial volatility. Beginning the week on a positive note the C5 West Australi ...
Friday, 03 May 19
COAL INDIA APRIL OUTPUT RISES 1% TO 45.29 MILLION TONNE - PTI
Coal India Ltd (CIL) Wednesday said its coal production in April 2019 rose by 1 per cent to 45.29 million tonne as compared with 44.86 million tonn ...
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- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Agrawal Coal Company - India
- GMR Energy Limited - India
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Planning Commission, India
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- New Zealand Coal & Carbon
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- White Energy Company Limited
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Romanian Commodities Exchange
- Bhoruka Overseas - Indonesia
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Pipit Mutiara Jaya. PT, Indonesia
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Therma Luzon, Inc, Philippines
- Formosa Plastics Group - Taiwan
- Ceylon Electricity Board - Sri Lanka
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- Vedanta Resources Plc - India
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Indogreen Group - Indonesia
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- Toyota Tsusho Corporation, Japan
- Aditya Birla Group - India
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- Krishnapatnam Port Company Ltd. - India
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coalindo Energy - Indonesia
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- Indo Tambangraya Megah - Indonesia
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Xindia Steels Limited - India
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Power Finance Corporation Ltd., India
- Merrill Lynch Commodities Europe
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- Ministry of Transport, Egypt
- Mintek Dendrill Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
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