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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, 26 May 21
NEW POWER AND ENERGY MASTER PLAN MUST BE DESIGNED IN BANGLADESH'S BEST INTERESTS, NOT JAPAN'S - IEEFA
JICA must deliver a low or zero emissions plan as promised, not fund Matarbari 2 coal plant
Clear understandings from the Bangladesh ...
Tuesday, 25 May 21
KOREA SOUTHERN POWER INVITED BIDS FOR 870,000 MT OF MIN 5300 NCV COAL FOR 2021 TO 2023.
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for total 870,000 MT of Min 5,300 kcal/kg NCV coal for Augu ...
Tuesday, 25 May 21
CHINA’S COAL OUTPUT RISES IN FIRST FOUR MONTHS - XINHUA
China’s raw coal output rose 11.1 percent year on year to 1.29 billion tonnes in the first four months of 2021, official data showed.
&nb ...
Tuesday, 25 May 21
MARINE SHIPPERS BULK UP: ANOTHER GAME OF CHICKEN IN THE WORKS? - THE KOREA TIMES
Global shipping companies have been placing orders for large ships, with many anticipating further increased competition within the next three year ...
Friday, 21 May 21
MARKET INSIGHT - INTERMODAL
The dry bulk market’s counter seasonal surge so far into the first half of the year -in a sort of 2010 manner - and Capesize’s recent r ...
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- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- Energy Development Corp, Philippines
- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Gujarat Sidhee Cement - India
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Malabar Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Cement Manufacturers Association - India
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- Binh Thuan Hamico - Vietnam
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- Singapore Mercantile Exchange
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Pendopo Energi Batubara - Indonesia
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Minerals Council of Australia
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Economic Council, Georgia
- Marubeni Corporation - India
- Bhatia International Limited - India
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- Madhucon Powers Ltd - India
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Deloitte Consulting - India
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