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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, 08 May 21
LNG-TO-POWER INVESTORS IN THE PHILIPPINES RISK EXPOSURE TO $14 BILLION IN STRANDED ASSETS - IEEFA
High regulatory and financial uncertainty in the Philippines market
The race to develop liquified natural gas (LNG) facilities in th ...
Saturday, 08 May 21
THE COAL-TO-RENEWABLES TRANSITION TAKES OFF - IEEFA
Pre-Biden changes underscore coming 10-year wave of coal plant retirements
The traditional S-curve growth exhibited by disruptive te ...
Friday, 07 May 21
CHINA'S TOTAL COAL IMPORTS FOR 2020 REACHED A VOLUME OF 304 MILLION TONS - ASSOCARBONI
Our benchmarks, manufacturing Countries like China, Germany, Japan, India, South Korea and Taiwan will continue to use a mix of coal and nuclear to ...
Friday, 07 May 21
SEABORNE WORLD COAL TRADE CLOSED 2020 IN NEGATIVE - ASSOCARBONI
Coal confirmed its leadership as leading fuel for electricity generation also in 2020, accounting for 38% of overall production. For the first time ...
Friday, 07 May 21
INDONESIA'S THERMAL COAL EXPORTS IN 2020 DECREASED BY 13%; INDIA REMAINED THE TOP DESTINATION FOR INDONESIAN COAL - ASSOCARBONI
An increase in seaborne trade is forecast for 2022, driven by markets in Southeast Asia, where growing demand for coal from Bangladesh, the Philipp ...
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- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Aditya Birla Group - India
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- Cigading International Bulk Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Binh Thuan Hamico - Vietnam
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Planning Commission, India
- Tata Chemicals Ltd - India
- Pendopo Energi Batubara - Indonesia
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- Vedanta Resources Plc - India
- Coalindo Energy - Indonesia
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- Bukit Baiduri Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- Straits Asia Resources Limited - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- Singapore Mercantile Exchange
- Anglo American - United Kingdom
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sree Jayajothi Cements Limited - India
- Sojitz Corporation - Japan
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Australian Coal Association
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- SMC Global Power, Philippines
- Central Electricity Authority - India
- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- Marubeni Corporation - India
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- Posco Energy - South Korea
- Trasteel International SA, Italy
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- Banpu Public Company Limited - Thailand
- Edison Trading Spa - Italy
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- Coal and Oil Company - UAE
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- IHS Mccloskey Coal Group - USA
- Economic Council, Georgia
- Goldman Sachs - Singapore
- Vizag Seaport Private Limited - India
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- Bayan Resources Tbk. - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- IEA Clean Coal Centre - UK
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Aboitiz Power Corporation - Philippines
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
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