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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 $9.0m.
It is clear that the current asset prices are at a 2-year low. How much further down they can go remains to be seen. Tankers at current prices are definitely the segment that owners and investors should be looking at. While no one is a prophet, you can’t go wrong with the age-old adage of “buy low; sell high”.
By Konstantinos Kontomichis
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Monday, 08 March 21
MARCH 2021 INDONESIA COAL PRICE REFERENCE SETTLES LOWER
COALspot.com: The Indonesia coal price reference for March 2021 settles at US$ 84.49 per ton FOB vessel.
The Indonesia coal pr ...
Saturday, 06 March 21
AUSTRALIAN COAL: SOME WEAKNESS COULD MATERIALIZE AFTER THE WINTER - ING
Newcastle coal prices remain well supported for now, however as we move out of the winter months we would expect prices to come under pressure. Mea ...
Saturday, 06 March 21
ASIA SEABORNE COAL PRICES START TO RETREAT, CHINA-AUSTRALIA DISPUTE LINGERS - REUTERS
There are signs that the price and demand surge for coal during the recent colder-than-expected winter across North Asia is starting to ease, even ...
Thursday, 04 March 21
HEAD OF JBIC SAYS THE JAPANESE BANK WILL NOT FUND NEW COAL PLANT DEVELOPMENT - NHK NEWS
The governor of the Japan Bank for International Cooperation has said that the government-owned financial institution will stop funding new coal-fi ...
Wednesday, 03 March 21
MARKET INSIGHT - INTERMODAL
Following the recent rally to multi year highs of metal-based commodities, amid an unprecedented global economic stimulus, discussions of an emergi ...
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- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- Maharashtra Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- Sojitz Corporation - Japan
- Indika Energy - Indonesia
- Minerals Council of Australia
- Globalindo Alam Lestari - Indonesia
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- MS Steel International - UAE
- White Energy Company Limited
- Malabar Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- Electricity Authority, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- Star Paper Mills Limited - India
- London Commodity Brokers - England
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Sical Logistics Limited - India
- Makarim & Taira - Indonesia
- Global Coal Blending Company Limited - Australia
- Essar Steel Hazira Ltd - India
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Edison Trading Spa - Italy
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- Sarangani Energy Corporation, Philippines
- Mjunction Services Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- SMG Consultants - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- Kapuas Tunggal Persada - Indonesia
- Vizag Seaport Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Ministry of Transport, Egypt
- Borneo Indobara - Indonesia
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- The Treasury - Australian Government
- Economic Council, Georgia
- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Mines - Canada
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- Marubeni Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
- Kepco SPC Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- Oldendorff Carriers - Singapore
- ICICI Bank Limited - India
- Jindal Steel & Power Ltd - India
- PTC India Limited - India
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- Indogreen Group - Indonesia
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Central Electricity Authority - India
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- IHS Mccloskey Coal Group - USA
- Ministry of Finance - Indonesia
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- Merrill Lynch Commodities Europe
- Renaissance Capital - South Africa
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