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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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Thursday, 07 January 21
FITCH FORECASTS DOUBLING IN ASIAN WIND, SOLAR CAPACITY BY 2029, TOPPING 1,500GW
Despite some near-term delays due to the Covid-19 pandemic, solar power and offshore wind will drive steep growth in non-hydro renewables in Asia, ...
Wednesday, 06 January 21
INDONESIA EXCEEDS COAL PRODUCTION TARGET IN 2020
Indonesian coal production reached 557.54 Million Tons in 2020 1.37% higher than of last year’s total target of 550.00 Million Tons, accordin ...
Wednesday, 06 January 21
CHINESE CITIES REPORTEDLY GO DARK AS COUNTRY FACES SHORTAGE OF COAL, A MAJOR AUSTRALIAN EXPORT - CNBC
Several major Chinese cities have reportedly gone dark as authorities limit power usage, citing a shortage of coal.
Analysts said pr ...
Tuesday, 05 January 21
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP - XINHUA
China Taiyuan coal transaction price index stood at 136 points Monday, up 0.91 percent week on week.
The index, released by China Ta ...
Tuesday, 05 January 21
THE INDONESIA COAL PRICE REFERENCE SOARS TO HIGHEST ONE-MONTH INCREASE SINCE DECEMBER 2016
COALspot.com: The Indonesia coal price reference for January 2021 settles above $75 for the first time since July 2019 and to highest one-month inc ...
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- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Romanian Commodities Exchange
- The Treasury - Australian Government
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- Electricity Generating Authority of Thailand
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- Medco Energi Mining Internasional
- Cement Manufacturers Association - India
- Wilmar Investment Holdings
- The State Trading Corporation of India Ltd
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- White Energy Company Limited
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- India Bulls Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Energy Link Ltd, New Zealand
- Simpson Spence & Young - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Mines - Canada
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Bangladesh Power Developement Board
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- Tata Chemicals Ltd - India
- Kartika Selabumi Mining - Indonesia
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- Semirara Mining Corp, Philippines
- Economic Council, Georgia
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- Kobexindo Tractors - Indoneisa
- Grasim Industreis Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Riau Bara Harum - Indonesia
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- Leighton Contractors Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- Makarim & Taira - Indonesia
- Baramulti Group, Indonesia
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- Thiess Contractors Indonesia
- Australian Coal Association
- Madhucon Powers Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- Planning Commission, India
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- Therma Luzon, Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- Posco Energy - South Korea
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- Renaissance Capital - South Africa
- Parry Sugars Refinery, India
- Manunggal Multi Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Electricity Authority - India
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