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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, 25 November 20
DRY BULK SHIPPING: CHINA REMAINS THE DRIVING FACTOR, BUT COAL POLICY IS DISRUPTING THE MARKET - PETER SAND, BIMCO
The second half of the year has provided some cheer for the dry bulk market, with all ships in the spot market averaging earnings above the break-e ...
Wednesday, 25 November 20
CHINA KICKS AN OWN GOAL WITH AUSTRALIAN COAL - FORBES
China’s annoyance at Australia’s hardline stance on political interference and demands for an independent inquiry into the root cause o ...
Wednesday, 25 November 20
MINISTER - INDONESIA JAN-OCT COAL OUTPUT AT 459 MILLION TONNES - REUTERS
Indonesia coal output in the January to October period was 459 million tonnes, the country’s energy minister told parliament on Monday.
& ...
Wednesday, 25 November 20
INDIA: MORE STEPS NEEDED TO MAKE COMMERCIAL COAL MINING ATTRACTIVE TO GLOBAL PLAYERS - LIVEMINT
India concluded its first commercial coal mine auctions earlier this month. A total of 19 coal mines spread across Madhya Pradesh, Jharkhand, Odish ...
Wednesday, 25 November 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.38 PCT - XINHUA
China Taiyuan coal transaction price index stood at 129.21 points Monday, up 0.38 percent week on week.
The index, released by China ...
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- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- GVK Power & Infra Limited - India
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Petron Corporation, Philippines
- London Commodity Brokers - England
- Posco Energy - South Korea
- CNBM International Corporation - China
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- TNB Fuel Sdn Bhd - Malaysia
- Indonesian Coal Mining Association
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- Riau Bara Harum - Indonesia
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Eastern Coal Council - USA
- White Energy Company Limited
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- Manunggal Multi Energi - Indonesia
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- Parliament of New Zealand
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- Coal and Oil Company - UAE
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Bhushan Steel Limited - India
- Rashtriya Ispat Nigam Limited - India
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sakthi Sugars Limited - India
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- Minerals Council of Australia
- PTC India Limited - India
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- European Bulk Services B.V. - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- Kideco Jaya Agung - Indonesia
- Maheswari Brothers Coal Limited - India
- Jindal Steel & Power Ltd - India
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- Interocean Group of Companies - India
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Sarangani Energy Corporation, Philippines
- Ministry of Finance - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Energy Development Corp, Philippines
- The University of Queensland
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Barasentosa Lestari - Indonesia
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- Mintek Dendrill Indonesia
- Bharathi Cement Corporation - India
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Cement Manufacturers Association - India
- GMR Energy Limited - India
- Metalloyd Limited - United Kingdom
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- Antam Resourcindo - Indonesia
- Central Electricity Authority - India
- Economic Council, Georgia
- Australian Coal Association
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
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