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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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Friday, 30 April 21
HIGH-SULPHUR FUEL OIL SALES REBOUND AFTER PRE-IMO 2020 - BIMCO
HSFO sales are up 47.2% from Q1 2020, reaching 3.1m tonnes. This is however still less than a third of high-sulphur fuel sales in Q1 2019, before t ...
Wednesday, 28 April 21
MARKET INSIGHT - INTERMODAL
Despite the current challenges as a result of the global pandemic, 2021 is turning out to be a landmark year for the iron ore market with spot pric ...
Monday, 26 April 21
CHINA TO FURTHER CUT COAL USE IN 2021 - XINHUA
China aims to reduce the share of coal in its energy mix to less than 56% this year, according to a guideline released by the National Energy Admin ...
Wednesday, 21 April 21
COAL FINANCING COSTS HAVE SURGED IN PAST 10 YEARS - UNIVERSITY OF OXFORD - THE GUARDIAN
Coal financing costs have surged over the last decade as investors demand returns four times as high as the payoff required from renewable energy p ...
Tuesday, 20 April 21
US DOLLAR LIBOR TRANSITION IN ASSET FINANCE - WHERE ARE WE NOW? - WATSON FARLEY & WILLIAMS
Since our last article, there has been a raft of regulatory and market body announcements relating to the transition away from LIBOR and the follow ...
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- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- Kumho Petrochemical, South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Star Paper Mills Limited - India
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- Eastern Energy - Thailand
- Alfred C Toepfer International GmbH - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Makarim & Taira - Indonesia
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- The University of Queensland
- IEA Clean Coal Centre - UK
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Orica Australia Pty. Ltd.
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
- PetroVietnam Power Coal Import and Supply Company
- Sinarmas Energy and Mining - Indonesia
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Merrill Lynch Commodities Europe
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petron Corporation, Philippines
- Thiess Contractors Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- GVK Power & Infra Limited - India
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- PTC India Limited - India
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- Australian Coal Association
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- Orica Mining Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- Semirara Mining and Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- Dalmia Cement Bharat India
- Eastern Coal Council - USA
- Medco Energi Mining Internasional
- White Energy Company Limited
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
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