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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, 23 August 21
CHINESE COAL PRODUCTION RISES 4.9 PCT IN 1ST 7 MONTHS OF 2021 - NBS
Official figures demonstrated that the Chinese raw coal production surged 4.9 percent annually to 2.26 billion tonnes in the January-July period of ...
Friday, 20 August 21
ARE WE LOOKING AT THE NEXT DRY BULK SUPER CYCLE? IS IT EVEN A CYCLE? - BIMCO
Throughout the first half of the year, talk of a new dry bulk super cycle has been on many lips as commodity prices have soared to multi-year highs ...
Friday, 20 August 21
BIMCO'S SHIPPING NUMBER OF THE WEEK: CHINESE IRON ORE IMPORTS FALL TO 14-MONTH LOW IN JULY - PETER SAND
Chinese iron ore imports fell to 88.5 million tonnes in July, the lowest level since May 2020. The fall in July means that accumulated imports are ...
Friday, 20 August 21
SOARING DEMAND FOR THE WORLD’S LEAST-LIKED COMMODITY SEES THERMAL COAL PRICES JUMP 106% THIS YEAR - CNBC
Soaring electricity demand, infrastructure woes and a surge in global gas prices have triggered an extraordinary rally for the world’s least ...
Friday, 20 August 21
CHINA’S IRON ORE IMPORTS CONTRACTED YEAR-ON-YEAR BY 2% IN 2018 AND GREW YEAR-ON-YEAR BY ONLY 1% IN 2019 - COMMODORE RESEARCH
Examining the last ten years of China’s crude steel output and iron ore imports shows that China’s iron ore imports have stayed r ...
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- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- Gujarat Sidhee Cement - India
- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- Therma Luzon, Inc, Philippines
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- Power Finance Corporation Ltd., India
- The University of Queensland
- Timah Investasi Mineral - Indoneisa
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- Aditya Birla Group - India
- Kideco Jaya Agung - Indonesia
- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bharathi Cement Corporation - India
- Videocon Industries ltd - India
- Sindya Power Generating Company Private Ltd
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMC Global Power, Philippines
- White Energy Company Limited
- Singapore Mercantile Exchange
- Siam City Cement - Thailand
- Attock Cement Pakistan Limited
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Trasteel International SA, Italy
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Carbofer General Trading SA - India
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Formosa Plastics Group - Taiwan
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Bhushan Steel Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- Star Paper Mills Limited - India
- PTC India Limited - India
- Savvy Resources Ltd - HongKong
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- McConnell Dowell - Australia
- Australian Coal Association
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Planning Commission, India
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- Meenaskhi Energy Private Limited - India
- Standard Chartered Bank - UAE
- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- Riau Bara Harum - Indonesia
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- Mercuria Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- Jindal Steel & Power Ltd - India
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- Central Electricity Authority - India
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- Chamber of Mines of South Africa
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
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