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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, 14 October 20
CHINA COKING COAL FUTURES RALLY ON REPORTED BAN ON AUSTRALIA CARGOES - REUTERS
Dalian coking coal futures rallied for a sixth straight session on Tuesday after reports surfaced that China had stopped buying coal from Australia ...
Wednesday, 14 October 20
MARKET INSIGHT - INTERMODAL
The tanker market has experienced severe freight rate and asset value declines over the past 5 months. A potential market upturn may arise in the c ...
Friday, 09 October 20
INDIA'S COAL IMPORTS IMPROVE SOMEWHAT, BUT RECOVERY IS UNEVEN - REUTERS
India’s coal imports, depressed by the impact of coronavirus this year, regained ground in September, but in an uneven uptick – shipmen ...
Thursday, 08 October 20
CHINA'S COAL IMPORTS FROM INDONESIA DECLINED 16.4% Y-O-Y, TO 80.2 MLN TONNES IN THE FIRST 9 MONTHS OF 2020 - BANCHERO COSTA
China's coal imports boomed in 2019, surprising many who had expected the government would clamp down strictly on shipments.
...
Thursday, 08 October 20
GLIMMER OF LIGHT FOR COAL, BUT SHORT TERM - FNARENA
Is coal on the rebound? Demand appears stronger and supply reductions have underpinned a tightening market. Certainly, the Newcastle thermal coal p ...
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- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Aditya Birla Group - India
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- Gujarat Sidhee Cement - India
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- Power Finance Corporation Ltd., India
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Sindya Power Generating Company Private Ltd
- Electricity Generating Authority of Thailand
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- Xindia Steels Limited - India
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- Billiton Holdings Pty Ltd - Australia
- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- PetroVietnam Power Coal Import and Supply Company
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- Central Electricity Authority - India
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- MS Steel International - UAE
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Marubeni Corporation - India
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Binh Thuan Hamico - Vietnam
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Anglo American - United Kingdom
- Indian Oil Corporation Limited
- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- Oldendorff Carriers - Singapore
- Ind-Barath Power Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Thai Mozambique Logistica
- SMG Consultants - Indonesia
- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- San Jose City I Power Corp, Philippines
- Parliament of New Zealand
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- CIMB Investment Bank - Malaysia
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- Independent Power Producers Association of India
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Parry Sugars Refinery, India
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Barasentosa Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- Meralco Power Generation, Philippines
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Africa Commodities Group - South Africa
- Sinarmas Energy and Mining - Indonesia
- Energy Development Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- Economic Council, Georgia
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- The University of Queensland
- Singapore Mercantile Exchange
- Iligan Light & Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Renaissance Capital - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Straits Asia Resources Limited - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- Aboitiz Power Corporation - Philippines
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
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