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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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Saturday, 27 February 21
CHINA'S BENCHMARK POWER COAL PRICE EDGES DOWN - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
Saturday, 27 February 21
FITCH RATINGS REVISES GLOBAL METALS AND MINING PRICE ASSUMPTIONS
Fitch Ratings has revised some of its metals and mining price assumptions as prices for many commodities will benefit in the short term from return ...
Saturday, 27 February 21
MITSUBISHI PULLS OUT OF VINH TAN 3 COAL PROJECT IN VIETNAM - NIKKEI ASIA
Japanese trading house Mitsubishi Corp. decided Thursday to withdraw from the Vinh Tan 3 coal-fired power plant project in Vietnam amid growing int ...
Thursday, 25 February 21
ARE WE ON THE CUSP OF ANOTHER MINING SUPER-CYCLE? - WOOD MACKENZIE
As the first wave of the coronavirus pandemic began to bite, many observers confidently predicted that the end was nigh for global economic activit ...
Thursday, 25 February 21
2020 PROVED TO BE A TRULY TERRIBLE YEAR FOR SEABORNE COAL TRADE - BANCHERO COSTA
Total loadings in the 12 months of 2020 were down -12.7% year-on-year to 1,130 million tonnes, according to vessels tracking data from Refinitiv, s ...
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- GN Power Mariveles Coal Plant, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Heidelberg Cement - Germany
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- SMC Global Power, Philippines
- Trasteel International SA, Italy
- Ministry of Transport, Egypt
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Samtan Co., Ltd - South Korea
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- London Commodity Brokers - England
- Mercator Lines Limited - India
- Gujarat Sidhee Cement - India
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Orica Mining Services - Indonesia
- Larsen & Toubro Limited - India
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wood Mackenzie - Singapore
- Marubeni Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- Siam City Cement PLC, Thailand
- Medco Energi Mining Internasional
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- PTC India Limited - India
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- New Zealand Coal & Carbon
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- Attock Cement Pakistan Limited
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- GAC Shipping (India) Pvt Ltd
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- Thai Mozambique Logistica
- Coal and Oil Company - UAE
- Aboitiz Power Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Salva Resources Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- Uttam Galva Steels Limited - India
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- White Energy Company Limited
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- Therma Luzon, Inc, Philippines
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
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