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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, 24 February 21
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Sunday, 21 February 21
ANZ DIVESTING FROM THE WORLD’S LARGEST COAL EXPORT PORT IS 'PRAGMATISM' - IEEFA
The biggest buyers of Australian thermal coal have committed to net-zero emissions
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Sunday, 21 February 21
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Shifting away from coal is not only desirable, but absolutely necessary in these times.
In spite of being detrimental to environment ...
Wednesday, 17 February 21
STRANDED ASSETS A LONG-TERM RISK FOR MAJOR FOSSIL FUEL EXPORTERS - FITCH RATINGS
Fossil exporters face a loss of GDP, government revenue and export receipts from the transition to a lower-carbon economy over the coming decades. ...
Friday, 12 February 21
U.S: WIND SURPASSED COAL AS NO. 1 FUEL SOURCE IN 2020 FOR SOUTHWEST POWER POOL - IEEFA
Wind energy growth due to geography, design factors, and new installations
Wind surpassed coal as the primary power generation sourc ...
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- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- LBH Netherlands Bv - Netherlands
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- Wood Mackenzie - Singapore
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- MS Steel International - UAE
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- GMR Energy Limited - India
- The University of Queensland
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- Parliament of New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Jaiprakash Power Ventures ltd
- Gujarat Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- Eastern Coal Council - USA
- Attock Cement Pakistan Limited
- Karbindo Abesyapradhi - Indoneisa
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- Tamil Nadu electricity Board
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- Baramulti Group, Indonesia
- Energy Development Corp, Philippines
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Commonwealth Bank - Australia
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- Altura Mining Limited, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- SMG Consultants - Indonesia
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Marubeni Corporation - India
- CIMB Investment Bank - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- Mercuria Energy - Indonesia
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- Edison Trading Spa - Italy
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- Australian Coal Association
- White Energy Company Limited
- Heidelberg Cement - Germany
- Mintek Dendrill Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- Siam City Cement - Thailand
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- Essar Steel Hazira Ltd - India
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- Siam City Cement PLC, Thailand
- Grasim Industreis Ltd - India
- Deloitte Consulting - India
- Bhatia International Limited - India
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- Ministry of Finance - Indonesia
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