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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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Monday, 29 October 18
IMPLEMENTATION OF SULPHUR 2020 LIMIT - CARRIAGE BAN ADOPTED - IMO
An amendment to support consistent implementation of the forthcoming 0.50% limit on sulphur in ships fuel oil was adopted by the International Mari ...
Monday, 29 October 18
SUPRAMAX: THE ASIAN AREA SAW FALLING RATES, WITH A 61,000DWT FIXING DELIVERY KOHSICHANG TRIP VIA INDONESIA, REDELIVERY INDIA, AT $10,500 - BALTIC BRIEFING
Capesize
A market of two halves for most of the week with rates in the Atlantic firming and easing in the East for most of the week, but then, ...
Friday, 26 October 18
SHIP OPERATING COSTS EXPECTED TO RISE IN 2018 AND 2019 - MOORE STEPHENS
Total vessel operating costs in the shipping industry are expected to rise by 2.7% in 2018 and by 3.1% in 2019, according to our latest survey.
...
Friday, 26 October 18
SEVERAL CONTRACTIONS IN GLOBAL STEEL PRODUCTION - JEFFREY LANDSBERG
World Steel Association data released today shows that global crude steel production totaled approximately 151.7 million tons in September. T ...
Thursday, 25 October 18
WHAT DOES THE "IMO 2020" REGULATION REALLY SAY? A QUICK GUIDE - BIMCO
KNOWLEDGE TO ELEVATE
The shipping industry has all eyes firmly fixed on the topic, but what exactly do the “IMO 2020” global sulph ...
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- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Xindia Steels Limited - India
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- Salva Resources Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- Petrochimia International Co. Ltd.- Taiwan
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- Attock Cement Pakistan Limited
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Trasteel International SA, Italy
- LBH Netherlands Bv - Netherlands
- SMG Consultants - Indonesia
- Eastern Coal Council - USA
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- The University of Queensland
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- Standard Chartered Bank - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Petron Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Sidhee Cement - India
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- ICICI Bank Limited - India
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- VISA Power Limited - India
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Romanian Commodities Exchange
- Manunggal Multi Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- Bangladesh Power Developement Board
- Holcim Trading Pte Ltd - Singapore
- Parry Sugars Refinery, India
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Cigading International Bulk Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- Bukit Baiduri Energy - Indonesia
- Ministry of Finance - Indonesia
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- Australian Coal Association
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- PNOC Exploration Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- Power Finance Corporation Ltd., India
- Australian Commodity Traders Exchange
- Vedanta Resources Plc - India
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Singapore Mercantile Exchange
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- Sinarmas Energy and Mining - Indonesia
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- White Energy Company Limited
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Kumho Petrochemical, South Korea
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