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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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Friday, 06 November 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Thursday, 05 November 20
THE INDONESIA COAL PRICE REFERENCE RISES FOR SECOND CONSECUTIVE MONTH
COALspot.com: The Indonesia Coal Price Reference rose for a 2nd month by 9.24% month on month. The Indonesia Coal Price Reference for the month of ...
Wednesday, 04 November 20
PHILIPPINES COAL MORATORIUM HIGHLIGHTS DRAMATIC PIVOT TO RENEWABLE ENERGY INVESTMENT FOR LOWER PRICES AND POWER SYSTEM RESILIENCE - IEEFA
Policymakers and industry leaders ready to embrace new energy technologies
The Department of Energy’s call for a moratorium on ...
Wednesday, 04 November 20
FOREIGN INVESTORS FACE TOUGH TIMES CLOSING VIETNAM’S REMAINING COAL POWER DEALS - IEEFA
Project bankability at risk as new regulations threaten usual contractual terms
Foreign investors will face higher-than-usual risks ...
Wednesday, 04 November 20
MARKET INSIGHT - INTERMODAL
As the end of the year approaches, one would definitely notice that the newbuilding orderbook for bulk carriers is significantly smaller compared t ...
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- India Bulls Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- Global Business Power Corporation, Philippines
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- Makarim & Taira - Indonesia
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- The University of Queensland
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Australian Coal Association
- Energy Development Corp, Philippines
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Ministry of Mines - Canada
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- Eastern Energy - Thailand
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- VISA Power Limited - India
- Mjunction Services Limited - India
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- Central Java Power - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- GVK Power & Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Malabar Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- Economic Council, Georgia
- Star Paper Mills Limited - India
- Posco Energy - South Korea
- Ind-Barath Power Infra Limited - India
- London Commodity Brokers - England
- Australian Commodity Traders Exchange
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Goldman Sachs - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Electricity Authority - India
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Interocean Group of Companies - India
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- Planning Commission, India
- Salva Resources Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- Bhoruka Overseas - Indonesia
- Electricity Authority, New Zealand
- White Energy Company Limited
- Altura Mining Limited, Indonesia
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Borneo Indobara - Indonesia
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