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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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Friday, 29 June 18
THE LBH GROUP AND RHENUS PLAN TO ESTABLISH A JOINT COMPANY
Press Release: The port services provider, the LBH Group, and the logistics specialist Rhenus, are planning to cooperate closely in the European in ...
Friday, 29 June 18
SUPRAMAX: INDO / CHINA COAL ROUNDS PAYING AROUND USD HIGH 11000 - FEARNLYS
Capesize
Its been an interesting week with a strong demand for ships out of Brazil, making C3 rates remain around USD 19 pmt said Fearnlys in i ...
Friday, 29 June 18
JAPAN'S TOHOKU ELEC, GLENCORE ABANDON APRIL-MARCH COAL CONTRACT TALKS - REUTERS
Japan’s Tohoku Electric Power Co Inc and Glencore Plc have abandoned talks on annual thermal coal supplies after failing to reach an agreemen ...
Wednesday, 27 June 18
SHIPPING MARKET INSIGHT - APOSTOLOS ROMPOPOULOS
After the abolishment of the trade embargo against Iran, there was a lot of optimism from the country’s side, as after quite some time a numb ...
Tuesday, 26 June 18
"ALWAYS ACCESSIBLE": ARRIVAL, DEPARTURE OR BOTH? - INCE & CO
KNOWLEDGE TO ELEVATE
An “always accessible” berth warranty is often used by an owner to transfer the risk of delays in berthing to ...
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Showing 1686 to 1690 news of total 6871 |
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sical Logistics Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Thai Mozambique Logistica
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Deloitte Consulting - India
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- OPG Power Generation Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Anglo American - United Kingdom
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- Ind-Barath Power Infra Limited - India
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- India Bulls Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- Malabar Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Wilmar Investment Holdings
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Energy - Thailand
- Kepco SPC Power Corporation, Philippines
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- Kohat Cement Company Ltd. - Pakistan
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- Carbofer General Trading SA - India
- Sindya Power Generating Company Private Ltd
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- GMR Energy Limited - India
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Indo Tambangraya Megah - Indonesia
- VISA Power Limited - India
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- Cement Manufacturers Association - India
- The University of Queensland
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Banpu Public Company Limited - Thailand
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- Oldendorff Carriers - Singapore
- Manunggal Multi Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- Central Electricity Authority - India
- White Energy Company Limited
- Interocean Group of Companies - India
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- Iligan Light & Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- Parliament of New Zealand
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
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