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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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Wednesday, 28 July 21
IN THE PHILIPPINES, COAL’S DEMISE MAKES WAY FOR A RENEWABLE ENERGY BOOM - IEEFA
Imported gas lock-in could undermine the economic benefits of a clean energy transition
The Philippines’ energy sector is on t ...
Wednesday, 28 July 21
MARKET INSIGHT - INTERMODAL
Assessing the ship repair sector during this first half of the year, we continue to come across surprises and new restrictions which are trembling ...
Saturday, 24 July 21
UNDERSTANDING INDIA'S LATEST PEAK POWER DEMAND RECORD - IEEFA
Ramping up solar will be crucial as peak power demand hits during the day
At around noon on 7 July 2021, India’s instantaneous ...
Wednesday, 21 July 21
MARKET INSIGHT - INTERMODAL
Dry Buk Sales and Purchase activity has heated up during 2021, reaching record high levels during the first half of the year. The increased interes ...
Monday, 19 July 21
CHINA'S COAL OUTPUT UP 6.4 PCT IN H1 - XINHUA
China’s raw coal output climbed 6.4 percent year on year to 1.95 billion tonnes in the first six months of the year, official data showed.
...
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- Bharathi Cement Corporation - India
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- White Energy Company Limited
- TNB Fuel Sdn Bhd - Malaysia
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- Planning Commission, India
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Australian Coal Association
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- Jorong Barutama Greston.PT - Indonesia
- ICICI Bank Limited - India
- Eastern Coal Council - USA
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- Bukit Makmur.PT - Indonesia
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- Deloitte Consulting - India
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- The University of Queensland
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- Antam Resourcindo - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement PLC, Thailand
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- SMC Global Power, Philippines
- GN Power Mariveles Coal Plant, Philippines
- India Bulls Power Limited - India
- Economic Council, Georgia
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- VISA Power Limited - India
- Anglo American - United Kingdom
- Kumho Petrochemical, South Korea
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Tata Chemicals Ltd - India
- Wilmar Investment Holdings
- Parliament of New Zealand
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- Electricity Generating Authority of Thailand
- Altura Mining Limited, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Power Finance Corporation Ltd., India
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Eastern Energy - Thailand
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- Global Coal Blending Company Limited - Australia
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