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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, 16 April 18
MINISTER IGNASIUS JONAN SPEAKS HIS MIND AT INDONESIA MINER - IAN WOLLFF
The Minister for Energy and Mineral resources, Ignasius Jonan, delivered a key note address at the Indonesia Miner conference in Jakarta on the 11 ...
Thursday, 12 April 18
THE PERFECT STORM FOR THE BIG SHIPS - THE BALTIC BRIEFING
Capesize
The perfect storm for the big ships: with holidays, force majeure in two ore exporting ports and bad weather undermining the market. A l ...
Thursday, 12 April 18
SHIPPING CAN MANAGE US-CHINA TARIFFS, BUT RISKS RISING - FITCH
Container and, to some extent, dry bulk would probably be the shipping segments most affected by the recently announced US and China tariffs, Fitch ...
Thursday, 12 April 18
SUPRAS HAVE FIXED MID $11K FOR AN INDO RV TO S. CHINA DELIVERY PHILIPPINES - FEARNLEYS
Supramax
Slow week with little light for improving rates. ECSA to Far East still around $15k + bb and same to Med ca $14k, says Fearnleys in its ...
Thursday, 12 April 18
ALWAYS ACCESSIBLE
KNOWLEDGE TO ELEVATE
On 26 March 2018 Mr Justice Knowles determined that the berth warranty ‘always accessible’ must mean the vess ...
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Showing 1741 to 1745 news of total 6871 |
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- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- Pendopo Energi Batubara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Chamber of Mines of South Africa
- Thai Mozambique Logistica
- Malabar Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- Vedanta Resources Plc - India
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- Tata Chemicals Ltd - India
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Manunggal Multi Energi - Indonesia
- Posco Energy - South Korea
- Wilmar Investment Holdings
- GMR Energy Limited - India
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- Energy Link Ltd, New Zealand
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Medco Energi Mining Internasional
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- Australian Coal Association
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- Binh Thuan Hamico - Vietnam
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- MS Steel International - UAE
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- Energy Development Corp, Philippines
- Orica Australia Pty. Ltd.
- Meralco Power Generation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parliament of New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- Economic Council, Georgia
- Bangladesh Power Developement Board
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- Sarangani Energy Corporation, Philippines
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- Vizag Seaport Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- The University of Queensland
- Bulk Trading Sa - Switzerland
- Vijayanagar Sugar Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- VISA Power Limited - India
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- Semirara Mining Corp, Philippines
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