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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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Saturday, 26 June 21
KOSPO INVITED BIDS FOR 480,000 MT OF COAL PER ANNUM
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for total 480,000 MT of NCV 1 Min. 5,600 (Spec 1) /Min. 5,0 ...
Thursday, 24 June 21
FEBRUARY'S INCREASE IN COAL-FIRED ELECTRIC GENERATION REDUCED U.S. COAL STOCKPILES - EIA
Coal stockpiles at U.S. power plants decreased significantly from December 2020 to February 2021, including a draw of nearly 16 million tons in Feb ...
Wednesday, 23 June 21
MARKET INSIGHT - INTERMODAL
The first half of 2021 has brought a very sharp and continued recovery in the dry bulk market and while many where expecting a relatively strong ma ...
Thursday, 17 June 21
2020 PROVED TO BE A TRULY TERRIBLE YEAR FOR GLOBAL SEABORNE COAL TRADE; CHINA'S COAL IMPORTS - 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 ...
Thursday, 17 June 21
FITCH RATINGS RAISES SHORT-TERM OIL AND GAS PRICE ASSUMPTIONS
Fitch Ratings has increased its 2021 and 2022 oil price assumptions for the Brent and West Texas Intermediate (WTI) benchmarks due to stronger year ...
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- Eastern Coal Council - USA
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- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
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- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
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- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
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- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
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- Orica Australia Pty. Ltd.
- Minerals Council of Australia
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- Antam Resourcindo - Indonesia
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
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- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- The University of Queensland
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- Deloitte Consulting - India
- Carbofer General Trading SA - India
- Ind-Barath Power Infra Limited - India
- Xindia Steels Limited - India
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- PTC India Limited - India
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- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
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- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Thai Mozambique Logistica
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- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- McConnell Dowell - Australia
- Kalimantan Lumbung Energi - Indonesia
- Lanco Infratech Ltd - India
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- ICICI Bank Limited - India
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- Larsen & Toubro Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- India Bulls Power Limited - India
- Sojitz Corporation - Japan
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- PowerSource Philippines DevCo
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
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- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
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- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- Sinarmas Energy and Mining - Indonesia
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- GAC Shipping (India) Pvt Ltd
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- Kobexindo Tractors - Indoneisa
- Ambuja Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
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- Independent Power Producers Association of India
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- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Agrawal Coal Company - India
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- New Zealand Coal & Carbon
- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- Attock Cement Pakistan Limited
- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Planning Commission, India
- Wood Mackenzie - Singapore
- Wilmar Investment Holdings
- Posco Energy - South Korea
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- Gujarat Electricity Regulatory Commission - India
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