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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, 23 January 21
GOVT PLANNING TO OPEN UP COAL MARKETING TO STREAMLINE PROCESS - THE INDIAN EXPRESS
The government is considering opening up coal marketing, Coal Secretary Anil Kumar Jain said on Thursday. Currently, production by Coal India is al ...
Thursday, 21 January 21
LNG MARKET RIDING HIGH, BUT WILL THE GAINS CONTINUE? - DREWRY
The LNG market started 2021 on a high note with Asian spot prices crossing $30 per MMBtu while LNG shipping rates recorded a high $350k per day due ...
Thursday, 21 January 21
CHINA'S SPOT THERMAL COAL PRICES REFRESH RECORD HIGH - MYSTEEL
Despite the moderate rebound in temperatures across most regions of China after late December’s deep-freeze, thermal coal prices in the count ...
Wednesday, 20 January 21
CORONAVIRUS OUTBREAK IN HEBEI HAS LIMITED IMPACT ON CHINA'S STEEL INDUSTRY - FITCH RATINGS
The recent Covid-19 outbreak in the steel producing hub Hebei will not have material impact on China’s steel industry, Fitch Ratings says.
...
Wednesday, 20 January 21
MARKET INSIGHT - INTERMODAL
While 2020 is finally behind us, its negative impacts are still hovering over the shipping market. That being said, it is still too early to even s ...
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- Ministry of Mines - Canada
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- MS Steel International - UAE
- Georgia Ports Authority, United States
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- India Bulls Power Limited - India
- IHS Mccloskey Coal Group - USA
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
- Australian Coal Association
- Borneo Indobara - Indonesia
- Minerals Council of Australia
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- Sical Logistics Limited - India
- Metalloyd Limited - United Kingdom
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Ind-Barath Power Infra Limited - India
- Meralco Power Generation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- Coastal Gujarat Power Limited - India
- Jaiprakash Power Ventures ltd
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- Economic Council, Georgia
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- White Energy Company Limited
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Indika Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Latin American Coal - Colombia
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- Petron Corporation, Philippines
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- Trasteel International SA, Italy
- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Romanian Commodities Exchange
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- Africa Commodities Group - South Africa
- The State Trading Corporation of India Ltd
- GMR Energy Limited - India
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Chamber of Mines of South Africa
- Dalmia Cement Bharat India
- PetroVietnam Power Coal Import and Supply Company
- Port Waratah Coal Services - Australia
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Altura Mining Limited, Indonesia
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Commonwealth Bank - Australia
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