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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, 17 December 20
CHINA'S BAN IS LESS OF A THREAT TO AUSTRALIA'S COAL INDUSTRY THAN INTERNATIONAL CLIMATE AMBITION - IEEFA
Australian coal exporters will survive this near-term political fight but there are longterm structural headwinds
The decision by Ch ...
Thursday, 17 December 20
BUMA SIGNED US$1.0 BILLION WORTH OF EXTENSION CONTRACT WITH BERAU COAL
PT Bukit Makmur Mandiri Utama, subsidiary of PT Delta Dunia Makmur Tbk., has extended its mining services contracts with PT Berau Coal, in relation ...
Wednesday, 16 December 20
INDONESIA 2020 COAL CONSUMPTION ESTIMATED AT 140-145 MLN TONNES - OFFICIAL, REUTERS REPORTED
Indonesia’s domestic coal consumption is estimated at 140-145 million tonnes this year, Dodik Ariyanto, an official at the energy ministry, t ...
Wednesday, 16 December 20
RUSSIA REVISES DOWN EXPORT EXPECTATION - FITCH
The Ministry of Economy of Russia, the world’s third largest thermal coal exporting country, released its annual forecasts ...
Wednesday, 16 December 20
INDIAN COAL IMPORTS TO REMAIN SUBDUED - FITCH RATINGS
Fitch Rating commented on Indian Coal Imports, Fitch said, coal imports by Indian utilities fell by about 24% yoy to 44 million tonnes (mt) i ...
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- Coastal Gujarat Power Limited - India
- Binh Thuan Hamico - Vietnam
- Sree Jayajothi Cements Limited - India
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- IEA Clean Coal Centre - UK
- MS Steel International - UAE
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- Central Java Power - Indonesia
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- Orica Mining Services - Indonesia
- Indika Energy - Indonesia
- PTC India Limited - India
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- Maheswari Brothers Coal Limited - India
- Borneo Indobara - Indonesia
- Bhoruka Overseas - Indonesia
- European Bulk Services B.V. - Netherlands
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- Leighton Contractors Pty Ltd - Australia
- Trasteel International SA, Italy
- SN Aboitiz Power Inc, Philippines
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- Mintek Dendrill Indonesia
- VISA Power Limited - India
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- Planning Commission, India
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- Kumho Petrochemical, South Korea
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- Indogreen Group - Indonesia
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Grasim Industreis Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- The University of Queensland
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- Aditya Birla Group - India
- Uttam Galva Steels Limited - India
- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- Deloitte Consulting - India
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- Salva Resources Pvt Ltd - India
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
- Videocon Industries ltd - India
- Heidelberg Cement - Germany
- Attock Cement Pakistan Limited
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- Ceylon Electricity Board - Sri Lanka
- New Zealand Coal & Carbon
- GN Power Mariveles Coal Plant, Philippines
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
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