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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, 10 February 21
FY21 COAL DEMAND MAY BE LOWER THAN PREVIOUSLY ESTIMATED DUE TO COVID-19: PRALHAD JOSHI - PTI
Coal demand in the current fiscal may be lower than the initial estimate of 1,085 million tonnes (MT) due to the impact of COVID-19, Parliament was ...
Wednesday, 10 February 21
MARKET INSIGHT - INTERMODAL
We have just entered February, Chinese New Year holidays are about to start and the SnP market for bulkers is so hot as every seller would dream of ...
Tuesday, 09 February 21
SWITCHING COAL PLANTS TO PLN'S BIOMASS COFIRING PLAN IS NO MAGIC BULLET - IEEFA
Implementation risks for Indonesia PLN's switch from coal to biomass cofiring
PLN’s biomass cofiring plan will require not ...
Friday, 05 February 21
THE INDONESIA COAL PRICE REFERENCE FOR FEBRUARY 2021 SETTLES AT US$ 87.79 PER TON FOB VESSEL
COALspot.com: The Indonesia coal price reference for February 2021 settles at US$ 87.79 per ton FOB vessel. The February reference price is the hig ...
Thursday, 04 February 21
WHY BANGLADESH SHOULDN’T COUNT ON A FOSSIL FUEL FUTURE - IEEFA
Around US$50 billion of LNG projects in Asia at risk of cancellation
Two astonishing figures have circulated in the Asian energy sector in the ...
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- The State Trading Corporation of India Ltd
- Parliament of New Zealand
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- Parry Sugars Refinery, India
- Petron Corporation, Philippines
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- Barasentosa Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- Minerals Council of Australia
- Latin American Coal - Colombia
- Billiton Holdings Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- International Coal Ventures Pvt Ltd - India
- Planning Commission, India
- Oldendorff Carriers - Singapore
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- Orica Mining Services - Indonesia
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- White Energy Company Limited
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- Deloitte Consulting - India
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- Mercator Lines Limited - India
- GMR Energy Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- The University of Queensland
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- PTC India Limited - India
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- Siam City Cement PLC, Thailand
- Siam City Cement - Thailand
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- Rio Tinto Coal - Australia
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- Energy Development Corp, Philippines
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Kobexindo Tractors - Indoneisa
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- Independent Power Producers Association of India
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- Indonesian Coal Mining Association
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Central Electricity Authority - India
- Xindia Steels Limited - India
- Cement Manufacturers Association - India
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Africa Commodities Group - South Africa
- Larsen & Toubro Limited - India
- Sindya Power Generating Company Private Ltd
- Miang Besar Coal Terminal - Indonesia
- Lanco Infratech Ltd - India
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
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