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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 $9.0m.
It is clear that the current asset prices are at a 2-year low. How much further down they can go remains to be seen. Tankers at current prices are definitely the segment that owners and investors should be looking at. While no one is a prophet, you can’t go wrong with the age-old adage of “buy low; sell high”.
By Konstantinos Kontomichis
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Sunday, 30 August 20
PANAMAX - THIS WEEK THE DEMAND HAS PICKED UP, BUT THE TONNAGE LIST IS INCREASING DAY BY DAY - FEARNLEYS
Cape Size
More or less flat from previous week, with cape rates moving from US$ 19,500 to 18,900 on average. West Australia however being more ...
Saturday, 29 August 20
COAL INDIA'S FUEL SUPPLY TO POWER SECTOR DROPS ABOUT 20% IN APR-JUL: PTI
State-owned Coal India”s fuel supply to the power sector registered a decline of 19.5 per cent to 126.30 million tonnes (MT) in the April-Jul ...
Saturday, 29 August 20
SOUTH KOREAN BROKERAGE FIRM KOREA INVESTMENT & SECURITIES TO STOP ALL COAL BUSINESS - KOREA HERALD
South Korean brokerage firm Korea Investment & Securities has decided to stop its investments in coal, in line with the Moon Jae-in administrat ...
Thursday, 27 August 20
KOREAN GENCOS INVITED BIDS FOR TOTAL 985,000 TONS OF BITUMINOUS COAL FOR NOVEMBER 2020 LOADING
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) on behalf of EWP, KOSPO, KOSEP and KOWEPO has issued an international tender for total 985,000 ...
Thursday, 27 August 20
SOUTHEAST ASIAN NATIONS SET REGION-WIDE RENEWABLE ENERGY GOAL OF 23 PERCENT BY 2025 - ASEAN POST
The Association of Southeast Asian Nations (ASEAN) has set an ambitious target of securing 23 percent of its primary energy from renewable so ...
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- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- Toyota Tsusho Corporation, Japan
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- Ambuja Cements Ltd - India
- Economic Council, Georgia
- Chettinad Cement Corporation Ltd - India
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- Kumho Petrochemical, South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Independent Power Producers Association of India
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Renaissance Capital - South Africa
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- Sree Jayajothi Cements Limited - India
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Planning Commission, India
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- London Commodity Brokers - England
- Eastern Coal Council - USA
- Timah Investasi Mineral - Indoneisa
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- Parliament of New Zealand
- European Bulk Services B.V. - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- The University of Queensland
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Africa Commodities Group - South Africa
- GVK Power & Infra Limited - India
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
- Tamil Nadu electricity Board
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Iligan Light & Power Inc, Philippines
- ASAPP Information Group - India
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- Aboitiz Power Corporation - Philippines
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- Madhucon Powers Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Australian Coal Association
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Global Business Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Commodity Traders Exchange
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- The State Trading Corporation of India Ltd
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
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