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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, 03 February 21
INDONESIA TO EXPORT 395 MILLION TONS OF COAL IN 2021 - ESDM
Data from the Ministry of Energy and Mineral Resources shows that, Indonesia is planning to produce 550 million Ton of coal in 2021 and as of t ...
Wednesday, 03 February 21
MARKET INSIGHT - INTERMODAL
"2020 the year from hell for the entire world, had everything for shipowners. The introduction of the sulphur cap and VLSFO, a Pandemic outbre ...
Tuesday, 02 February 21
WILL THE ELECTRONIC B/L BE FULLY IMPLEMENTED? FIVE POINTS TO CONSIDER - MOL
KNOWLEDGE TO ELEVATE
The trend towards digitization of Bills of Lading (B/L) has begun to attract attention in the trade and shipping industrie ...
Monday, 01 February 21
A 56,000-DWT OPEN MANILA WAS FIXED FOR A TRIP VIA INDONESIA REDELIVERY CHINA AT $11,500 - THE BALTIC BRIEFING
Capesize
The Capesize routes endured a week of slippage on rates, bringing the market back down to levels seen at the beginning of the month. D ...
Monday, 01 February 21
PAKISTAN: COAL DEMAND EXPECTED TO SPIKE IN 2021 - DAWN
Coal demand is expected to remain upbeat in 2021 as more coal-fired and captive power plants are coming up in the current year.
Acco ...
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- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- GN Power Mariveles Coal Plant, Philippines
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
- Anglo American - United Kingdom
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- Oldendorff Carriers - Singapore
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- PTC India Limited - India
- Minerals Council of Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- Romanian Commodities Exchange
- Asmin Koalindo Tuhup - Indonesia
- Karaikal Port Pvt Ltd - India
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- Therma Luzon, Inc, Philippines
- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- Antam Resourcindo - Indonesia
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- Parliament of New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- CNBM International Corporation - China
- MS Steel International - UAE
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- McConnell Dowell - Australia
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Altura Mining Limited, Indonesia
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- Thai Mozambique Logistica
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Timah Investasi Mineral - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- Samtan Co., Ltd - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Mercuria Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
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