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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, 09 September 20
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POLISH COAL DEMAND EXPECTED TO FALL BY 7 MLN TONNES NEXT YEAR: MINISTER - REUTERS
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Saturday, 05 September 20
PAKISTAN'S NEW 27-YEAR POWER PLAN RISKS LOCKING IN LONG-TERM OVERCAPACITY, LEAVING IMPORTED COAL AND LNG PLANTS STRANDED - IEEFA
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- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- London Commodity Brokers - England
- Ind-Barath Power Infra Limited - India
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- TeaM Sual Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Videocon Industries ltd - India
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- Indika Energy - Indonesia
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
- Metalloyd Limited - United Kingdom
- Formosa Plastics Group - Taiwan
- MS Steel International - UAE
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- Mercator Lines Limited - India
- Altura Mining Limited, Indonesia
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Bhatia International Limited - India
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Banpu Public Company Limited - Thailand
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- ICICI Bank Limited - India
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- Ministry of Transport, Egypt
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Neyveli Lignite Corporation Ltd, - India
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- White Energy Company Limited
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- PowerSource Philippines DevCo
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- Chettinad Cement Corporation Ltd - India
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Anglo American - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Vedanta Resources Plc - India
- Kobexindo Tractors - Indoneisa
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- Attock Cement Pakistan Limited
- GMR Energy Limited - India
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- GN Power Mariveles Coal Plant, Philippines
- The State Trading Corporation of India Ltd
- Australian Commodity Traders Exchange
- Indian Oil Corporation Limited
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Marubeni Corporation - India
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