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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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Friday, 29 January 21
COAL EXPORTS FROM AUSTRALIA TO MAINLAND CHINA DECLINED BY -22.2% Y-O-Y IN 2020 - BANCHERO COSTA
In the 12 months of 2020, global seaborne coal trade declined by as much as -12.7% year-on-year, according to vessel tracking data from Refinitiv, ...
Friday, 29 January 21
OPEC+, COVID-19 AND ENERGY TRANSITION - 3 THEMES IMPACTING OIL MARKETS AND REFINING IN 2021 - WOOD MACKENZIE
Wood Mackenzie’s latest outlook report shows that the art of balancing oil markets and the refining sector in 2021 hinges upon three key them ...
Thursday, 28 January 21
STRONG CHINESE THERMAL COAL IMPORTS TO BENEFIT INDONESIAN MINERS IN THE NEAR TERM - FITCH RATINGS
China's thermal coal imports are likely to remain strong ahead of the Chinese New Year in mid-February on robust demand, high utilisation at do ...
Thursday, 28 January 21
WIND PROPULSION FOR DRY BULK CARRIERS - OLDENDORFF
Oldendorff Carriers (OC) has signed a Joint Development Project (JDP) with Anemoi Marine Technologies (Anemoi), Lloyd’s Register (LR) and Sha ...
Thursday, 28 January 21
BUMA PRICED A USD400 MILLION 7.75% 5-YEAR SENIOR NOTES
PT Delta Dunia Makmur Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama priced a USD400 million 5-year (non-callable 2-year)& ...
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- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Energy - Thailand
- Eastern Coal Council - USA
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Cement Manufacturers Association - India
- Vizag Seaport Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Attock Cement Pakistan Limited
- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- Indogreen Group - Indonesia
- Australian Commodity Traders Exchange
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Jindal Steel & Power Ltd - India
- Central Java Power - Indonesia
- White Energy Company Limited
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- Coastal Gujarat Power Limited - India
- Energy Development Corp, Philippines
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- Indian Oil Corporation Limited
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Aditya Birla Group - India
- Romanian Commodities Exchange
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- Medco Energi Mining Internasional
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tamil Nadu electricity Board
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- Makarim & Taira - Indonesia
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- Globalindo Alam Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- London Commodity Brokers - England
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Australian Coal Association
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- PTC India Limited - India
- Alfred C Toepfer International GmbH - Germany
- Ministry of Transport, Egypt
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Semirara Mining and Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- PowerSource Philippines DevCo
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Indian Energy Exchange, India
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