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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, 16 January 21
SEABORNE TRADE IN STEAM COAL DECREASED BY 11.6% FROM 937 MILLION TONNES IN 2019 TO 828 MILLION TONNES IN 2020 - COAL IMPORTERS ASSOCIATION, GERMANY
According to preliminary calculations by the German Coal Importers Association (Verein der Kohlenimporteure e. V.), global hard coal production dec ...
Friday, 15 January 21
OVER US$50 BILLION IN GAS POWER PROJECTS AND LNG IMPORT FACILITIES AT RISK OF CANCELLATION IN BANGLADESH, PAKISTAN AND VIETNAM - IEEFA
Pakistan and Bangladesh have already cancelled tenders for LNG imports
Emerging markets such as Vietnam, Pakistan and Bangladesh tha ...
Friday, 15 January 21
VIETNAM'S EXTRAORDINARY ROOFTOP SOLAR SUCCESS DEALS ANOTHER BLOW TO THE REMAINING COAL PIPELINE - IEEFA
9.3 gigawatts peak of solar capacity, equal to 6 coal power plants, installed in less than a year
Vietnam’s solar power indust ...
Friday, 15 January 21
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Thursday, 14 January 21
KOREA MIDLAND POWER INVITED BIDS FOR AUSTRALIAN COAL FOR THREE YEARS SUPPLY
COALspot.com: Korea Midland Power Co. Ltd, issued an International tender for total 1,560,000 MT of Min.5,700 kcal/kg NCV coal of Australian Origin ...
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- Neyveli Lignite Corporation Ltd, - India
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- Videocon Industries ltd - India
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- Vizag Seaport Private Limited - India
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- Australian Coal Association
- Electricity Generating Authority of Thailand
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- MS Steel International - UAE
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- London Commodity Brokers - England
- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Central Java Power - Indonesia
- Georgia Ports Authority, United States
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Sakthi Sugars Limited - India
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- The University of Queensland
- SN Aboitiz Power Inc, Philippines
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Planning Commission, India
- Orica Australia Pty. Ltd.
- New Zealand Coal & Carbon
- Cigading International Bulk Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- Billiton Holdings Pty Ltd - Australia
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- The Treasury - Australian Government
- Bahari Cakrawala Sebuku - Indonesia
- Bhushan Steel Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- ICICI Bank Limited - India
- Rashtriya Ispat Nigam Limited - India
- Toyota Tsusho Corporation, Japan
- Commonwealth Bank - Australia
- Altura Mining Limited, Indonesia
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- Baramulti Group, Indonesia
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- Thiess Contractors Indonesia
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- European Bulk Services B.V. - Netherlands
- McConnell Dowell - Australia
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- Cement Manufacturers Association - India
- Simpson Spence & Young - Indonesia
- Uttam Galva Steels Limited - India
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- PTC India Limited - India
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kobexindo Tractors - Indoneisa
- Dalmia Cement Bharat India
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
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