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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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Monday, 02 November 20
PHILIPPINES GOVERNMENT SAYS NO TO NEW COAL PLANT PROPOSALS - IEEFA | 24 PILIPINAS
The Duterte administration will no longer accept proposals to construct new coal power plants, a dramatic shift in energy policy that counts on dec ...
Sunday, 01 November 20
GRADUAL RECOVERY FOR INDONESIAN COAL FROM 4Q20; RISKS REMAIN - FITCH RATINGS
Fitch Ratings expects the credit metrics of Indonesian coal miners and coal contractors to improve from 4Q20 with the recovery in volumes and price ...
Wednesday, 28 October 20
BIODIESEL - NEW FUELS, NEW CHALLENGES - GARD | DNV GL
KNOWLEDGE TO ELEVATE
One of numerous possible ways to comply with the IMO’s strategy on the reduction of greenhouse gas (GHG) emissions ...
Wednesday, 28 October 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.35 PCT - XINHUA
China Taiyuan coal transaction price index stood at 127.94 points Monday, up 0.35 percent week on week.
The index, released by China ...
Wednesday, 28 October 20
MARKET INSIGHT - INTERMODAL
The global strive towards eco-friendliness and environmental sustainability in the shipping industry is mounting. There are currently almost 200 co ...
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- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- McConnell Dowell - Australia
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- Kobexindo Tractors - Indoneisa
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Agrawal Coal Company - India
- Altura Mining Limited, Indonesia
- PTC India Limited - India
- Orica Australia Pty. Ltd.
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- Economic Council, Georgia
- Parliament of New Zealand
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Tata Chemicals Ltd - India
- Ministry of Finance - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Toyota Tsusho Corporation, Japan
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indogreen Group - Indonesia
- GAC Shipping (India) Pvt Ltd
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- The University of Queensland
- Power Finance Corporation Ltd., India
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- Vedanta Resources Plc - India
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Thai Mozambique Logistica
- Petron Corporation, Philippines
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Posco Energy - South Korea
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Planning Commission, India
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- The Treasury - Australian Government
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Latin American Coal - Colombia
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- Australian Coal Association
- Videocon Industries ltd - India
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- Orica Mining Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
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