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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, 13 January 21
CHINA THERMAL GENCO PROFITS FACE PRESSURE AMID POWER SHORTAGES - FITHCH WIRE
High coal and gas prices will put near-term pressure on margins for thermal power generators in China, says Fitch Ratings. However, the power short ...
Wednesday, 13 January 21
COAL TO BE BIGGEST CONTRIBUTOR TO INDIA'S $5 TRILLION ECONOMY: AMIT SHAH - BUSINESS STANDARD
The Centre on Monday awarded the letter of allocation to successful bidders of coal mines under the commercial auction held during October-November ...
Monday, 11 January 21
MUTED COAL RECOVERY IN 2021 - BALTIC EXCHANGE
Coal demand is expected to rebound in 2021
Medium-term outlook is less favourable although demand declines are expected to be subtle ...
Sunday, 10 January 21
KOREAN GENCOS INVITED BIDS FOR TOTAL 880,000 TONS OF COAL FOR MARCH 2021 LOADING
COALspot.com: Korea South-East Power Co., Ltd. (KOEN), on behalf of EWP, KOSPO, KOSEP and KOWEPO issued an international tender for total 880 ...
Friday, 08 January 21
INDIA COULD COMPETE AGAINST CHINA IN SOLAR MODULE PRODUCTION WITH THE RIGHT GOVERNMENT SUPPORT - IEEFA
The focus should be on helping manufacturers become globally competitive
Although one of the top 10 solar module producers in the world, India ...
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- The University of Queensland
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- Altura Mining Limited, Indonesia
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- Georgia Ports Authority, United States
- Maheswari Brothers Coal Limited - India
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- Economic Council, Georgia
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- Dalmia Cement Bharat India
- Vizag Seaport Private Limited - India
- Kobexindo Tractors - Indoneisa
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
- Chettinad Cement Corporation Ltd - India
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- Meralco Power Generation, Philippines
- Ministry of Transport, Egypt
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- PTC India Limited - India
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- Carbofer General Trading SA - India
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- Planning Commission, India
- Power Finance Corporation Ltd., India
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Global Green Power PLC Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- Deloitte Consulting - India
- Parliament of New Zealand
- Anglo American - United Kingdom
- Metalloyd Limited - United Kingdom
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Indika Energy - Indonesia
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Banpu Public Company Limited - Thailand
- Chamber of Mines of South Africa
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Larsen & Toubro Limited - India
- Cement Manufacturers Association - India
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- Toyota Tsusho Corporation, Japan
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Ministry of Finance - Indonesia
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Port Waratah Coal Services - Australia
- San Jose City I Power Corp, Philippines
- Barasentosa Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
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