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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, 18 September 20
INDIA'S COAL-FIRED POWER OUTPUT PICKS UP AS INDUSTRIAL USE RISES - REUTERS
India’s coal-fired electricity generation rose 9.4% in the first half of September, provisional government data showed, as demand from indust ...
Friday, 18 September 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, 17 September 20
LAST HOPES FOR DEMAND GROWTH SET TO DISAPPOINT THERMAL COAL EXPORTERS - IEEFA
Asian thermal coal exporters are fighting an uphill battle even in new markets
The world’s largest thermal coal exporter is eyeing new m ...
Wednesday, 16 September 20
MARKET INSIGHT - INTERMODAL
Another active week in terms of SnP has concluded in the dry bulk market with a diversified array of transactions recorded. Despite the correction ...
Friday, 11 September 20
IMO 2020: A REVIEW OF THE TRANSITION TO VLSFOS - GARD
KNOWLEDGE TO ELEVATE
Many predictions were made in the run up to the imposition of the MARPOL 2020 sulphur cap, none of which was that the tra ...
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- Anglo American - United Kingdom
- CNBM International Corporation - China
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- The Treasury - Australian Government
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- Ind-Barath Power Infra Limited - India
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Aditya Birla Group - India
- Deloitte Consulting - India
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- White Energy Company Limited
- Trasteel International SA, Italy
- Kapuas Tunggal Persada - Indonesia
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- ASAPP Information Group - India
- CIMB Investment Bank - Malaysia
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Kumho Petrochemical, South Korea
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Bhatia International Limited - India
- Cigading International Bulk Terminal - Indonesia
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- TeaM Sual Corporation - Philippines
- The University of Queensland
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- Dalmia Cement Bharat India
- Australian Coal Association
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- Commonwealth Bank - Australia
- Meenaskhi Energy Private Limited - India
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- Global Coal Blending Company Limited - Australia
- Neyveli Lignite Corporation Ltd, - India
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- Indian Oil Corporation Limited
- Formosa Plastics Group - Taiwan
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- Sree Jayajothi Cements Limited - India
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Minerals Council of Australia
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
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