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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, 16 June 21
MARKET INSIGHT - INTERMODAL
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Monday, 14 June 21
'WISHFUL THINKING': WHY CHINA NEEDS AUSTRALIAN IRON ORE FOR 'MANY YEARS' TO COME - YAHOO FINANCE AU
A “wintry period”.
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Sunday, 13 June 21
COAL AND LNG’S SURGE IN ASIA PLAYS INTO RENEWABLE ENERGY HANDS - REUTERS
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Friday, 11 June 21
5 REASONS GLOBAL SHIPPING COSTS WILL CONTINUE TO RISE - ING
No short-term relief
Shipping costs have been growing strongly since the autumn of 2020, but the first months of this year have seen a new surg ...
Friday, 11 June 21
ASIA COAL PRICES SURGE, BUT CHINA-AUSTRALIA DISPUTE MEANS RALLY IS UNEVEN - REUTERS
Thermal coal prices across Asia have surged to multi-year highs amid strong demand and some supply constraints, but some types of the fuel have don ...
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- Cement Manufacturers Association - India
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- London Commodity Brokers - England
- Salva Resources Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- Sakthi Sugars Limited - India
- European Bulk Services B.V. - Netherlands
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- Timah Investasi Mineral - Indoneisa
- Intertek Mineral Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Baramulti Group, Indonesia
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- Indian Oil Corporation Limited
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- PTC India Limited - India
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- LBH Netherlands Bv - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- The University of Queensland
- Sical Logistics Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- Standard Chartered Bank - UAE
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- Mercator Lines Limited - India
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- Thiess Contractors Indonesia
- OPG Power Generation Pvt Ltd - India
- Videocon Industries ltd - India
- Australian Coal Association
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- India Bulls Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Commodity Traders Exchange
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- Kaltim Prima Coal - Indonesia
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Heidelberg Cement - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- Independent Power Producers Association of India
- Planning Commission, India
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- VISA Power Limited - India
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Madhucon Powers Ltd - India
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
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