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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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Thursday, 01 July 21
WHY INDIA’S SOLAR POWER TARIFFS ARE CLIMBING AFTER HITTING RECORD LOWS LAST YEAR - IEEFA
What’s behind the recent increase?
Solar tariffs are deflationary. Prices have fallen by 75% in seven years in India, and in 2 ...
Thursday, 01 July 21
END TO COAL POWER BROUGHT FORWARD TO OCTOBER 2024
Press Release: The deadline to phase out coal from Great Britain's energy system has been brought forward by a whole year, highlighting the UK& ...
Thursday, 01 July 21
WHY BUILD 600 NEW UNPROFITABLE COAL PLANTS? - DEUTSCHE WELLE
Governments in Asia are planning 600 new coal plants that could lose investors $150 billion and derail efforts to limit temperature rise in line wi ...
Thursday, 01 July 21
FIVE ASIAN COUNTRIES ACCOUNT FOR 80% OF NEW COAL POWER INVESTMENT - THE GUARDIAN
Five Asian countries are jeopardising global climate ambitions by investing in 80% of the world’s planned new coal plants, according to a rep ...
Wednesday, 30 June 21
DELTA DUNIA MAKMUR RECORDED AN IMPROVED REVENUE IN Q1 2021; REVENUE INCREASED BY 49% QOQ TO US$160 MILLION ON THE BACK OF COAL PRICE RECOVERY
PT Delta Dunia Makmur Tbk. (“DOID”) released its consolidated financial and operating results that include its primary and wholly-owned ...
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- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- PTC India Limited - India
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Manunggal Multi Energi - Indonesia
- Borneo Indobara - Indonesia
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- Singapore Mercantile Exchange
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- Ministry of Mines - Canada
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Aditya Birla Group - India
- Petron Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- ICICI Bank Limited - India
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- Electricity Generating Authority of Thailand
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Banpu Public Company Limited - Thailand
- The University of Queensland
- GN Power Mariveles Coal Plant, Philippines
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- Salva Resources Pvt Ltd - India
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- Australian Coal Association
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Bukit Baiduri Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Central Java Power - Indonesia
- Goldman Sachs - Singapore
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- India Bulls Power Limited - India
- Planning Commission, India
- Global Coal Blending Company Limited - Australia
- Metalloyd Limited - United Kingdom
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- Formosa Plastics Group - Taiwan
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
- Thai Mozambique Logistica
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Medco Energi Mining Internasional
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- European Bulk Services B.V. - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
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