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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, 13 August 21
INDONESIA’S COAL EXPORTS TO JAPAN DECLINED BY -26.3% YOY TO 11.9 MLN TONNES IN THE FIRST 7 MONTHS OF 2021; STILL THE SECOND LARGEST SOURCE FOR JAPAN’S COAL IMPORTS IS INDONESIA - BANCHERO COSTA
2020 proved to be a truly terrible year for global seaborne coal trade. Total global loadings in the 12 months of 2020 were down -12.7% year-on-yea ...
Thursday, 12 August 21
ONLY 3 VLCCS SOLD FOR DEMOLITION IN 2021 AS SECONDHAND PRICES TEMPT - BIMCO
During the first seven months of 2021, only three actively trading Very Large Crude Carriers (VLCCs) have been sold for demolition. The current mar ...
Wednesday, 11 August 21
U.S: EIA EXPECTS COAL EXPORTS TO TOTAL 90 MMST IN 2021, 30% INCREASE FROM 2020
Coal production in EIA's forecast totals 607 million short tons (MMst) in 2021, an increase of 13% over 2020.
EIA is also ...
Wednesday, 11 August 21
MARKET INSIGHT - INTERMODAL
Energy is at the core of the global climate dialogue as the climate challenge is essentially an energy challenge. Policy experts around the world a ...
Tuesday, 10 August 21
34 INDONESIAN COAL COMPANIES TEMPORARILY BANNED FOR COAL EXPORTS
The Ministry of Energy and Mineral Resources (ESDM) has imposed sanctions in the form of a coal export ban for 34 coal companies as reported by CNB ...
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- Formosa Plastics Group - Taiwan
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- Goldman Sachs - Singapore
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- Planning Commission, India
- OPG Power Generation Pvt Ltd - India
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Coal and Oil Company - UAE
- Semirara Mining and Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- Power Finance Corporation Ltd., India
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Finance - Indonesia
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- Xindia Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- ASAPP Information Group - India
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- Anglo American - United Kingdom
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Kepco SPC Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
- Asmin Koalindo Tuhup - Indonesia
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- PowerSource Philippines DevCo
- Banpu Public Company Limited - Thailand
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Salva Resources Pvt Ltd - India
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