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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, 16 December 20
CHINA TO BOOST DOMESTIC SUPPLY - FITCH
China’s benchmark Qinhuangdao 5,500kcal/kg coal price rose above the government’s upper yellow interval of CNY600/tonne in early Octobe ...
Wednesday, 16 December 20
INDONESIAN COAL RECOVERING - FITCH
Commenting on Indonesian coal, Fitch Ratings, the Indonesian 4,200 kcal index has begun to recover, improving to over USD 29 in November compared t ...
Tuesday, 15 December 20
NEWCASTLE PRICES RECOVER - FITCH
Prices for the benchmark Newcastle 6,000 kcal/kg grade coal have rebounded to over USD 70/tonne since late November as major Asian economies ease l ...
Tuesday, 15 December 20
APAC COAL PRICES REBOUND ON IMPROVED DEMAND AND SUPPLY CUTS - FITCH RATINGS
Prices for the benchmark Newcastle 6,000kcal/kg grade coal have rebounded to over USD70/tonne since late November as major Asian economies ease loc ...
Tuesday, 15 December 20
CHINA EXTENDS FULL OPEN GESTURE TO IMPORTED COAL EXCEPT FOR AUSTRALIA - GLOBAL TIMES
Domestic, overseas suppliers will take up share with easier clearance
China's top economic planner on Saturday gave approval to ...
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- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Krishnapatnam Port Company Ltd. - India
- Eastern Coal Council - USA
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- Interocean Group of Companies - India
- Coastal Gujarat Power Limited - India
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Salva Resources Pvt Ltd - India
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- Siam City Cement - Thailand
- PTC India Limited - India
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Energy Link Ltd, New Zealand
- Leighton Contractors Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- IEA Clean Coal Centre - UK
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Carbofer General Trading SA - India
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- Directorate General of MIneral and Coal - Indonesia
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- The University of Queensland
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
- Thai Mozambique Logistica
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kohat Cement Company Ltd. - Pakistan
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- Sree Jayajothi Cements Limited - India
- Minerals Council of Australia
- Economic Council, Georgia
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- The Treasury - Australian Government
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- Mintek Dendrill Indonesia
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- Commonwealth Bank - Australia
- Eastern Energy - Thailand
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Wilmar Investment Holdings
- Videocon Industries ltd - India
- Uttam Galva Steels Limited - India
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- ICICI Bank Limited - India
- Antam Resourcindo - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
- Independent Power Producers Association of India
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Jindal Steel & Power Ltd - India
- Barasentosa Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
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