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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, 09 July 21
CAN WE EXPECT AFFORDABLE POWER SUPPLY BY REPLACING COAL BASED POWER WITH LNG? - FINANCIAL EXPRESS
Bangladesh government’s recent decision to cancel the contracts for 10 coal fired power plants in late June 2021 has invited interest in the ...
Thursday, 08 July 21
STRONGEST HALF YEAR FOR SHIPPING MARKETS SINCE 2008 - CLARKSONS
A year on from peak trade disruption, we update our half year report for the shipping industry profiling a strong recovery and some exceptional ind ...
Tuesday, 06 July 21
INDONESIA COAL PRICE REFERENCE RISES TO 112 MONTHS HIGH IN JULY 2021; 121.15% HIGHER COMPARED TO THAT IN JULY 2020 PRICE
COALspot.com: The Indonesia coal price reference for July 2021 fixed at US$ 115.35 per ton FOB vessel.
The Indonesia coal price referenc ...
Tuesday, 06 July 21
INDONESIAN COAL EXPORTS FELL BY 37% YOY IN 1Q21 DUE TO ADVERSE WEATHER CONDITIONS - FITCH RATINGS
Chinese coal imports declined by 25% yoy in 5M21as a result of both restrictions on Australian coal and the high base in 2020. Import volume in Jan ...
Tuesday, 06 July 21
INDONESIAN 4,200 INDEX HAS ALSO INCREASED TO OVER USD50 PER TONNE SINCE MAY THIS YEAR REFLECTING STRONG CHINESE IMPORT DEMAND - FITCH RATINGS
Price Surge Since March
APAC thermal coal has resumed its price surge since March this year. The benchmark Newcastle 6,000kcal/kg grade c ...
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- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- Uttam Galva Steels Limited - India
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Australian Commodity Traders Exchange
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- VISA Power Limited - India
- CNBM International Corporation - China
- The University of Queensland
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- ICICI Bank Limited - India
- Aditya Birla Group - India
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- Mercuria Energy - Indonesia
- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Karaikal Port Pvt Ltd - India
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Merrill Lynch Commodities Europe
- London Commodity Brokers - England
- Central Electricity Authority - India
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- Videocon Industries ltd - India
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Energy - Thailand
- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- Parliament of New Zealand
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- IHS Mccloskey Coal Group - USA
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- Australian Coal Association
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
- Sojitz Corporation - Japan
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
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