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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, 04 September 20
IN A DEEPENING DEBT HOLE OF $34 BILLION, INDONESIA’S PLN MUST STOP DIGGING - IEEFA
The utility has added IDR100 trillion in debt annually for the last five years
Utilities globally started changing the way they do business ye ...
Friday, 04 September 20
KOMIPO INVITED BIDS FOR AUSTRALIAN MIN 5,700 NCV COAL FOR NOVEMBER
COALspot.com: Korea Midland Power Co. Ltd, has issued an International tender for 260,000 MT Min.5,700 kcal/kg NCV coal November, 2020 loading. Acc ...
Thursday, 03 September 20
BRINGING SERVICES OF FTCCI CLOSER TO THE EXPORTERS AT GMR AIR CARGO COMPLEX AT SHAMSHABAD
Press Release: “FTCCI Trade Facilitation Services at your doorstep now” says J.S. Chandrashekar, IRS., Principal Commissioner of Custom ...
Thursday, 03 September 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Wednesday, 02 September 20
COAL PRODUCTION FALLS 7% IN APR-AUG; OFF TAKE DIPS 13.4% - FINANCIAL EXPRESS
In the month of August coal off take also increased 9.3% y-o-y to 44.34 MT as compared with 40.57 MT in the same period last year.
C ...
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- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Mjunction Services Limited - India
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indika Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Planning Commission, India
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- Africa Commodities Group - South Africa
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
- Kideco Jaya Agung - Indonesia
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- Indonesian Coal Mining Association
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- Billiton Holdings Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Videocon Industries ltd - India
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- Aditya Birla Group - India
- Romanian Commodities Exchange
- The University of Queensland
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- Petron Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- ICICI Bank Limited - India
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Formosa Plastics Group - Taiwan
- Electricity Authority, New Zealand
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- Sical Logistics Limited - India
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- Ind-Barath Power Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Global Coal Blending Company Limited - Australia
- Ministry of Mines - Canada
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Economic Council, Georgia
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Salva Resources Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- Latin American Coal - Colombia
- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- Energy Development Corp, Philippines
- Renaissance Capital - South Africa
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- TNB Fuel Sdn Bhd - Malaysia
- ASAPP Information Group - India
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- Karaikal Port Pvt Ltd - India
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- Eastern Coal Council - USA
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