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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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- Kartika Selabumi Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- Africa Commodities Group - South Africa
- GMR Energy Limited - India
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Central Java Power - Indonesia
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- Sical Logistics Limited - India
- International Coal Ventures Pvt Ltd - India
- Australian Commodity Traders Exchange
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Indian Oil Corporation Limited
- Borneo Indobara - Indonesia
- Central Electricity Authority - India
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- Wilmar Investment Holdings
- Antam Resourcindo - Indonesia
- Bayan Resources Tbk. - Indonesia
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- PTC India Limited - India
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- Bangladesh Power Developement Board
- Videocon Industries ltd - India
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- VISA Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- Electricity Authority, New Zealand
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- MS Steel International - UAE
- Iligan Light & Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Thai Mozambique Logistica
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- Savvy Resources Ltd - HongKong
- Eastern Energy - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- Ministry of Mines - Canada
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- Parliament of New Zealand
- Anglo American - United Kingdom
- Vedanta Resources Plc - India
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- Essar Steel Hazira Ltd - India
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- Dalmia Cement Bharat India
- Timah Investasi Mineral - Indoneisa
- Sree Jayajothi Cements Limited - India
- India Bulls Power Limited - India
- Kideco Jaya Agung - Indonesia
- Makarim & Taira - Indonesia
- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- Petron Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
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