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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, 06 December 18
CHINA REVISES MANAGEMENT RULES ON ESTABLISHMENT OF FULLY FOREIGN-OWNED SHIPPING BUSINESSES - XINHUA
Foreign shipping companies will find it easier to establish wholly-owned subsidiaries in China thanks to a revised regulation due to take effect on ...
Wednesday, 05 December 18
WORLD COAL PRICES FALL, WITH INDONESIA BENCHMARK FOR DECEMBER, ENDING AT LOWEST SINCE JUNE 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Wednesday, 05 December 18
SHIPPING MARKET INSIGHT - GIANNIS ANDRITSOPOULOS
Is the rise in crude carrier rates driven only by seasonality, or is the recent positive reversal signaling the end of challenging days for the mar ...
Monday, 03 December 18
WCA'S ENGAGEMENT AT COP24 IN KATOWICE - WCA
The 24th Conference of the Parties (COP) to the UN Framework Convention on Climate Change (UNFCCC) will take place from the 2-14 December 2018 in K ...
Monday, 03 December 18
SUPRAMAX: FIXED DELIVERY KALIMANTAN TO WEST COAST INDIA, AT $11000 - THE BALTIC BRIEFING
Capesize
A roller-coaster week for the big ships with hopes soaring at the start for a mini last quarter revival, only to be dashed as the week ...
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Showing 1541 to 1545 news of total 6871 |
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- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- Carbofer General Trading SA - India
- GN Power Mariveles Coal Plant, Philippines
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Indika Energy - Indonesia
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Mintek Dendrill Indonesia
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- Global Coal Blending Company Limited - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Standard Chartered Bank - UAE
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- OPG Power Generation Pvt Ltd - India
- Economic Council, Georgia
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- Marubeni Corporation - India
- Larsen & Toubro Limited - India
- SN Aboitiz Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- Minerals Council of Australia
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- The University of Queensland
- Central Java Power - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- Australian Coal Association
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- Semirara Mining Corp, Philippines
- Indogreen Group - Indonesia
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- LBH Netherlands Bv - Netherlands
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Singapore Mercantile Exchange
- Sindya Power Generating Company Private Ltd
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Ambuja Cements Ltd - India
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- SMC Global Power, Philippines
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- Global Business Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Port Waratah Coal Services - Australia
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- India Bulls Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
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