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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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Monday, 29 March 21
MOODY'S: OUTLOOK FOR GLOBAL METALS AND MINING INDUSTRY TURNS POSITIVE ON HIGHER EBITDA IN PANDEMIC'S WAKE
- Demand for steel, iron ore and copper will rise, while aluminum, nickel and zinc will remain in surplus
- EBITDA is expected to ...
Thursday, 25 March 21
'OMNIBUS LAW' REGULATION ON INDONESIA’S ENERGY AND MINING SECTORS TO BOOST COAL PROCESSING BUT ALSO RAISES QUESTIONS - ABNR
February 2021 saw the issuance of a raft of new government regulations to give effect to the reformist Job Creation Law (colloquially known as the ...
Thursday, 25 March 21
PROPOSED SWITCH FROM COAL TO LNG THREATENS RENEWABLE ENERGY DEVELOPMENT IN ASIA - IEEFA
Renewables offer an ever cheaper, financially sustainable and energy secure alternative, better able to support developing nations
A ...
Thursday, 25 March 21
MAJOR INVESTMENT ADVISORS BLACKROCK AND MEKETA PROVIDE A FIDUCIARY PATH THROUGH THE ENERGY TRANSITION - IEEFA
BlackRock and Meketa say divestment from fossil fuels improves, not weakens, investment returns
Two major financial management firms ...
Thursday, 25 March 21
EUROPE PASSES MILESTONE WITH HALF OF COAL PLANTS CLOSED OR SET TO RETIRE BY 2030 - EURACTIV
Half of Europe’s 324 coal-fueled power plants have either closed or announced a retirement date before 2030, it emerged on Monday (22 March) ...
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- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- Samtan Co., Ltd - South Korea
- Iligan Light & Power Inc, Philippines
- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- Australian Commodity Traders Exchange
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- PTC India Limited - India
- Ambuja Cements Ltd - India
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Anglo American - United Kingdom
- Heidelberg Cement - Germany
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- Kepco SPC Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- Coalindo Energy - Indonesia
- Global Business Power Corporation, Philippines
- Mjunction Services Limited - India
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Cement Manufacturers Association - India
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- Bhatia International Limited - India
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Romanian Commodities Exchange
- Australian Coal Association
- Port Waratah Coal Services - Australia
- Jaiprakash Power Ventures ltd
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
- CNBM International Corporation - China
- Indika Energy - Indonesia
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Sojitz Corporation - Japan
- PowerSource Philippines DevCo
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
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