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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 $9.0m.
It is clear that the current asset prices are at a 2-year low. How much further down they can go remains to be seen. Tankers at current prices are definitely the segment that owners and investors should be looking at. While no one is a prophet, you can’t go wrong with the age-old adage of “buy low; sell high”.
By Konstantinos Kontomichis
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Tuesday, 11 December 18
SHIPPING MARKET ANALYSIS - ALLIED
A lot of discussions have been made as to the effects of the IMO 2020 regulation on OPEX levels, investment feasibility of& ...
Tuesday, 11 December 18
PORT OF NEWCASTLE SHIPPED 10.849 MMT OF COAL IN NOVEMBER DOWN 23.44 PERCENT MOM
COALspot.com: The Port of Newcastle, Australia’s major trading port and the world’s largest coal export port has shipped A$ 1,574.8 mil ...
Thursday, 06 December 18
IN THE EAST, BIGGER SUPRA WAS FIXED CA US$ 10K FOR INDO-CHINA COAL ROUND - FEARNLEYS
Capesize
There is cautious optimism for the Capes, with healthier volumes and improving rates in the Pacific. West Australia round is gradually ...
Thursday, 06 December 18
U.S. COAL CONSUMPTION IN 2018 EXPECTED TO BE THE LOWEST IN 39 YEARS - EIA
EIA expects total U.S. coal consumption in 2018 to fall to 691 million short tons (MMst), a 4% decline from 2017 and the lowest level since 1979. U ...
Thursday, 06 December 18
DEMAND RISKS WEIGH ON GLOBAL SHIPPING SECTOR OUTLOOK - FITCH RATINGS
The global shipping sector outlook remains negative reflecting the demand-side risks of protectionism and slower economic growth, Fitch Ratings say ...
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- Lanco Infratech Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Parliament of New Zealand
- Renaissance Capital - South Africa
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- Ministry of Mines - Canada
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Siam City Cement PLC, Thailand
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
- Siam City Cement - Thailand
- Indian Oil Corporation Limited
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- White Energy Company Limited
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- GAC Shipping (India) Pvt Ltd
- TeaM Sual Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Bhatia International Limited - India
- Indogreen Group - Indonesia
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- Kobexindo Tractors - Indoneisa
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
- PTC India Limited - India
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Essar Steel Hazira Ltd - India
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- Planning Commission, India
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Baramulti Group, Indonesia
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- SMC Global Power, Philippines
- Australian Coal Association
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bharathi Cement Corporation - India
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Antam Resourcindo - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- Central Electricity Authority - India
- Georgia Ports Authority, United States
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- The University of Queensland
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- Tata Chemicals Ltd - India
- Vedanta Resources Plc - India
- Petron Corporation, Philippines
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- GVK Power & Infra Limited - India
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
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