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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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Tuesday, 22 December 20
INDIA'S COAL DEMAND IS SET TO EXPAND DESPITE PLUMMETING IN 2020 - IEA
Coal consumption in India amounted to 979 Mt in 2019, with the largest share being thermal coal (including lignite) for electricity generation (687 ...
Tuesday, 22 December 20
SOUTHEAST ASIA'S COAL DEMAND IS SET TO EXPAND AFTER THE PANDEMIC-INDUCED HIATUS IN 2020 - IEA
Coal consumption in Southeast Asia has more than doubled in the last decade, with the largest growth in Indonesia and Viet Nam, followed by Malaysi ...
Tuesday, 22 December 20
COAL DEMAND IS RISING QUICKLY IN PAKISTAN AND MORE SLOWLY IN BANGLADESH - IEA
Pakistan had 150 MW of installed coal power capacity in 2015. Since 2017, in addition to a few small plants for industry, Pakistan has commissioned ...
Tuesday, 22 December 20
AFRICA PERSPECTIVE INDICATES NO MAJOR SHIFTS FOR COAL CONSUMPTION - IEA
Overall countries on the African continent consumed 197 Mt of coal in 2019, 12 Mt less (-6%) than 2018.
South Africa, the continent& ...
Monday, 21 December 20
COAL PRICES WITHSTAND DESPITE COVID-19 AND CHINESE IMPORT QUOTAS - IEA
Coal prices vary by region as well as by grade and quality. The price rebound starting in 2016 ended in 2018, moving in a downward trend in 2019. A ...
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- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Trasteel International SA, Italy
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bangladesh Power Developement Board
- Directorate General of MIneral and Coal - Indonesia
- PowerSource Philippines DevCo
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Salva Resources Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- ASAPP Information Group - India
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Pendopo Energi Batubara - Indonesia
- Kideco Jaya Agung - Indonesia
- Madhucon Powers Ltd - India
- Australian Coal Association
- Cement Manufacturers Association - India
- Commonwealth Bank - Australia
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- Holcim Trading Pte Ltd - Singapore
- Tata Chemicals Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- Medco Energi Mining Internasional
- CNBM International Corporation - China
- Parliament of New Zealand
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- Romanian Commodities Exchange
- Vedanta Resources Plc - India
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
- Kartika Selabumi Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- Planning Commission, India
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Aditya Birla Group - India
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- Central Java Power - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Uttam Galva Steels Limited - India
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Singapore Mercantile Exchange
- Semirara Mining and Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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