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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, 12 May 21
U.S. COAL PRODUCTION TO INCREASE BY 43 MMST IN 2021 TOTAL 582 MILLION SHORT TONS - EIA
U.S. energy Information Administration expects U.S. coal production to total 582 million short tons (MMst) in 2021, 43 MMst (8%) more than in 2020. ...
Wednesday, 12 May 21
MARKET INSIGHT - INTERMODAL
Tanker S&P is finally back!
For an extended period, Dry bulk & Wet market rates have been diverging, with the SnP deals on each sect ...
Monday, 10 May 21
PAKISTAN: COAL GASIFICATION AND LIQUEFACTION HARMFUL TO ECONOMY - IEEFA
There is no second life for coal
Pakistan’s intention to use coal for power production through gasification and liquefaction technologie ...
Sunday, 09 May 21
HERE'S WHY INVESTORS ARE POURING MONEY INTO COAL, DESPITE ITS BLEAK FUTURE - FORBES
Coal stocks have surged this year – along with the wider energy sector – but experts warn these are likely short-term gains for an indu ...
Sunday, 09 May 21
MAYBANK TO STOP COAL FINANCING - BERNAMA
Malayan Banking Bhd (Maybank) will stop financing new coal activities as part of its sustainable agenda.
Currently, coal financing m ...
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- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Petron Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Bhoruka Overseas - Indonesia
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Planning Commission, India
- Kideco Jaya Agung - Indonesia
- Thai Mozambique Logistica
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Aditya Birla Group - India
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Semirara Mining and Power Corporation, Philippines
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- New Zealand Coal & Carbon
- Wood Mackenzie - Singapore
- The University of Queensland
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- Karaikal Port Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- White Energy Company Limited
- Indian Oil Corporation Limited
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- PTC India Limited - India
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vizag Seaport Private Limited - India
- Dalmia Cement Bharat India
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Vedanta Resources Plc - India
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- SMG Consultants - Indonesia
- Orica Mining Services - Indonesia
- Parliament of New Zealand
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- Baramulti Group, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- Bank of Tokyo Mitsubishi UFJ Ltd
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Pendopo Energi Batubara - Indonesia
- Metalloyd Limited - United Kingdom
- Indika Energy - Indonesia
- Australian Commodity Traders Exchange
- Essar Steel Hazira Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- Deloitte Consulting - India
- Sindya Power Generating Company Private Ltd
- Energy Link Ltd, New Zealand
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- Latin American Coal - Colombia
- Bukit Makmur.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- Australian Coal Association
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Carbofer General Trading SA - India
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
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