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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, 03 October 18
SHIPPING MARKET INSIGHT - KATERINA RESTIS
The bunker fuel supply and availability landscape is close to its transformation with the enforcement of the IMO’s global 0.5% fuel Sulphur c ...
Tuesday, 02 October 18
PANAMAX: A FURTHER RISE ACROSS ALL MAIN ROUTES THIS WEEK - ALLIED
Capesize
Finally an upward recovery was in sight in the spot market the past few days, after the prolonged negative pressure noted the weeks pr ...
Tuesday, 02 October 18
THE PRICE OF OIL CONTINUES ITS CLIMB AMIDST A SERIES OF CONCERNS REGARDING SUPPLY CONSTRAINTS - GEORGE LAZARIDIS
It has been a busy week for oil traders as the price of oil continues its climb amidst a series of concerns regarding supply constraints.
...
Tuesday, 02 October 18
INDONESIA GETS READY TO MEET INCREASED COAL DEMAND FROM CHINA, FREIGHT TO RESPOND - MIKAL BOE
Indonesian coal suppliers have increased their domestic coal production target by 4.5 percent from a previous 485 million tonnes to a massive 507 m ...
Monday, 01 October 18
SUPRAMAX: A 56,000 DWT FIXED DELIVERY FOR A SURABAYA TRIP WITH REDELIVERY TO WEST COAST INDIA AT $13,500 - THE BALTIC BRIEFING
Capesize
A stop-start market for the big ships with many expectations and few fulfilled. Holidays curtailed trading early in the week, but the ...
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- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- Australian Coal Association
- Jindal Steel & Power Ltd - India
- PTC India Limited - India
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Posco Energy - South Korea
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Tamil Nadu electricity Board
- Samtan Co., Ltd - South Korea
- Salva Resources Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- Bhatia International Limited - India
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- Riau Bara Harum - Indonesia
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Transport, Egypt
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- SMC Global Power, Philippines
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- Rio Tinto Coal - Australia
- Timah Investasi Mineral - Indoneisa
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- McConnell Dowell - Australia
- Cement Manufacturers Association - India
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- Straits Asia Resources Limited - Singapore
- Meenaskhi Energy Private Limited - India
- Chamber of Mines of South Africa
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- Ministry of Mines - Canada
- Pipit Mutiara Jaya. PT, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- Indonesian Coal Mining Association
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- The University of Queensland
- Mercuria Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- VISA Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Indian Oil Corporation Limited
- Coal and Oil Company - UAE
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
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