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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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Wednesday, 24 October 18
MARKET INSIGHT - NASSOS SOULAKIS
Looking at 2018 SnP activity, it is evident that Greek, Chinese and North European (German and Norwegian) owners are the top buying nationalities, ...
Wednesday, 24 October 18
CHINESE POWER PLANT STOCKPILES AT HIGHEST LEVEL SINCE 2015 - JEFFREY LANDSBERG
Chinese power plant coal stockpiles have climbed to approximately 83.3 million tons as of the middle of this month, said Jeffrey Landsberg in his e ...
Tuesday, 23 October 18
WILL THE U.S. COAL DECLINE CONTINUE? - FORBES
What’s Trump’s new coal proposal?
Adding to its controversial plan to leverage federal authority to keep retiring baselo ...
Monday, 22 October 18
CONTINUED HIGH LNG PRICES; TRADE WAR IMPACT LIMITED - FITCH RATINGS
Fitch Ratings expects sustained high spot liquefied natural gas (LNG) and contract prices over the next two quarters on limited investment in LNG e ...
Monday, 22 October 18
WINTER OIL MARKET OUTLOOK - OPEC
The oil market in the winter season is generally characterized by demand for diesel, particularly in the northern hemisphere, leaving product marke ...
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- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Lanco Infratech Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Aditya Birla Group - India
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Oldendorff Carriers - Singapore
- PTC India Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- Chettinad Cement Corporation Ltd - India
- Rio Tinto Coal - Australia
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Indian Energy Exchange, India
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- Directorate General of MIneral and Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- Cigading International Bulk Terminal - Indonesia
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- Central Electricity Authority - India
- Leighton Contractors Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Sinarmas Energy and Mining - Indonesia
- Orica Australia Pty. Ltd.
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- The University of Queensland
- Ministry of Mines - Canada
- Bhatia International Limited - India
- Bharathi Cement Corporation - India
- Cement Manufacturers Association - India
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Coalindo Energy - Indonesia
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- Economic Council, Georgia
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- Georgia Ports Authority, United States
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
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