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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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Saturday, 06 April 19
AUSTRALIA COAL POSTS BIGGEST WEEKLY DROP IN A DECADE AMID WEAK DEMAND - REUTERS
Australian thermal coal prices this week registered their biggest weekly fall since the financial market turmoil of a decade ago as demand plunged ...
Saturday, 06 April 19
SUPRAMAX: IT WAS A POOR WEEK OVERALL FOR THE BALTIC SUPRAMAX INDEX, WHICH LOST GROUND - BALTIC BRIEFING
Capesize
The Capesize market over the past week looked to have found a floor on Tuesday with the BCI 5TC at $3460 before firming into the rest ...
Thursday, 04 April 19
OVERSUPPLY STILL MAJOR CHALLENGE WARNS ICS
Speaking in Istanbul, Simon Bennett, Deputy Secretary General of the International Chamber of Shipping (ICS) warned that avoiding overcapacity and ...
Thursday, 04 April 19
GLENCORE, TOHOKU ELECTRIC SET COAL CONTRACT PRICE AT $94.75/T - SOURCE, REUTERS REPORTED
Global miner Glencore and Japan’s Tohoku Electric Power agreed on a price of $94.75 per tonne for supplies of thermal coal from Australia for ...
Monday, 01 April 19
FORCE MAJEURE SUCCESS NOT A SEA CHANGE - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
It is difficult to successfully argue that contractual performance has been prevented or delayed by force majeure. This i ...
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- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- Africa Commodities Group - South Africa
- Makarim & Taira - Indonesia
- Power Finance Corporation Ltd., India
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- Trasteel International SA, Italy
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- Malabar Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- VISA Power Limited - India
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Metalloyd Limited - United Kingdom
- Star Paper Mills Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- Wood Mackenzie - Singapore
- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
- SMG Consultants - Indonesia
- MS Steel International - UAE
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- Renaissance Capital - South Africa
- Parliament of New Zealand
- IHS Mccloskey Coal Group - USA
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
- Karaikal Port Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kohat Cement Company Ltd. - Pakistan
- Grasim Industreis Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Latin American Coal - Colombia
- Australian Coal Association
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Holcim Trading Pte Ltd - Singapore
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Lanco Infratech Ltd - India
- Siam City Cement - Thailand
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- Posco Energy - South Korea
- Economic Council, Georgia
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- Sakthi Sugars Limited - India
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- Madhucon Powers Ltd - India
- Kobexindo Tractors - Indoneisa
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- Riau Bara Harum - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- Thai Mozambique Logistica
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- Minerals Council of Australia
- Ministry of Mines - Canada
- Attock Cement Pakistan Limited
- The State Trading Corporation of India Ltd
- White Energy Company Limited
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
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