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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, 12 March 21
INDIA SHOULD FOCUS ON REDUCING COAL POWER GENERATION INSTEAD OF CAPACITY - IEEFA
Nearly half of existing coal power in India is more expensive than new renewable power
To get to its ambitious climate targets, Indi ...
Friday, 12 March 21
BATTERIES ARE REPLACING COAL NOT GAS - IEEFA
No amount of government subsidies can halt gas’s decline
Batteries are replacing coal not gas.
Today the early ...
Friday, 12 March 21
RENEWABLES SHOULD BE FOCUS OF VIETNAM’S DRAFT PDP8, NOT COAL AND GAS - IEEFA
Evidence was clear to inform the next stage of Vietnam’s power development
Vietnam’s recently published draft power deve ...
Thursday, 11 March 21
U.S. TO PRODUCE 581 MMST IN 2021, UP 8% FROM 2020 - EIA
EIA expects U.S. coal production to total 581 MMst in 2021, 42 MMst (8%) more than in 2020. In 2022, EIA expects coal production to rise by a furth ...
Thursday, 11 March 21
MARKET INSIGHT - INTERMODAL
Assessing the ship repair sector during the first months of 2021, we have come across a new era in which Owners chose the shipyards to repair their ...
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- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- Star Paper Mills Limited - India
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Romanian Commodities Exchange
- Georgia Ports Authority, United States
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Timah Investasi Mineral - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- Price Waterhouse Coopers - Russia
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Sojitz Corporation - Japan
- Essar Steel Hazira Ltd - India
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- ICICI Bank Limited - India
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- Petron Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Commodity Traders Exchange
- Indian Energy Exchange, India
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- Maharashtra Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Alfred C Toepfer International GmbH - Germany
- International Coal Ventures Pvt Ltd - India
- Goldman Sachs - Singapore
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Altura Mining Limited, Indonesia
- Salva Resources Pvt Ltd - India
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Xindia Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Pendopo Energi Batubara - Indonesia
- Manunggal Multi Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- Indonesian Coal Mining Association
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- New Zealand Coal & Carbon
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Heidelberg Cement - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Mercuria Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- ASAPP Information Group - India
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- Planning Commission, India
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- Barasentosa Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- The University of Queensland
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- Australian Coal Association
- Orica Mining Services - Indonesia
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
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