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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 $9.0m.
It is clear that the current asset prices are at a 2-year low. How much further down they can go remains to be seen. Tankers at current prices are definitely the segment that owners and investors should be looking at. While no one is a prophet, you can’t go wrong with the age-old adage of “buy low; sell high”.
By Konstantinos Kontomichis
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Wednesday, 14 April 21
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 1.10 PCT - XINHUA
China Taiyuan coal transaction price index stood at 138.05 points Monday, down 1.10 percent week on week.
The index, released by Chi ...
Wednesday, 14 April 21
MARKET INSIGHT - INTERMODAL
After a series of months where the dry bulk sector was attracting most of the buying interest, tankers SnP activity spiked in the previous weeks. O ...
Tuesday, 13 April 21
INDONESIAN COAL PRICE REFERENCE IN APRIL UP AGAIN ON FIRM DEMAND
COALspot.com: The Indonesia coal price reference for April 2021 settles at US$ 86.68 per ton FOB vessel.
The Indonesia coal pr ...
Monday, 12 April 21
CHINA'S ECONOMIC RECOVERY PUSHES COAL MINES TO INCREASE YIELD - GLOBAL TIMES
China’s fast economic rebound from coronavirus has driven up electricity demand, leading to higher consumption of coal which is seeing rising ...
Monday, 12 April 21
GLOBAL COAL PRODUCTION EXPECTED TO RISE BY 3.5% IN 2021, SAYS GLOBALDATA
Global coal output is estimated to have declined by 2% in 2020 due to COVID-19-related lockdowns and restrictions, with significant reductions obse ...
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- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Binh Thuan Hamico - Vietnam
- Merrill Lynch Commodities Europe
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jindal Steel & Power Ltd - India
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- Samtan Co., Ltd - South Korea
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
- Baramulti Group, Indonesia
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- MS Steel International - UAE
- Heidelberg Cement - Germany
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- Global Green Power PLC Corporation, Philippines
- Eastern Coal Council - USA
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- Ministry of Transport, Egypt
- LBH Netherlands Bv - Netherlands
- Kepco SPC Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Lanco Infratech Ltd - India
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- Minerals Council of Australia
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- Australian Coal Association
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- Semirara Mining and Power Corporation, Philippines
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- Trasteel International SA, Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- GVK Power & Infra Limited - India
- Vizag Seaport Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- Sarangani Energy Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- Alfred C Toepfer International GmbH - Germany
- Bahari Cakrawala Sebuku - Indonesia
- IEA Clean Coal Centre - UK
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- PTC India Limited - India
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Aboitiz Power Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- Goldman Sachs - Singapore
- The University of Queensland
- Power Finance Corporation Ltd., India
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Tamil Nadu electricity Board
- Indonesian Coal Mining Association
- Oldendorff Carriers - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
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