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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, 21 August 20
BHP COMMITS TO SELLING ITS THERMAL COALMINES WITHIN TWO YEARS - THE GUARDIAN
Move follows pressure from investors but company stops short of full exit from coalmining
BHP has announced it plans to sell off its ...
Thursday, 20 August 20
MINER BHP CONFIRMS PLANS TO EXIT THERMAL COAL SECTOR - THE SYDNEY MORNING HERALD
The head of mining giant BHP has laid out plans for a reshaping of its global operations by seeking to quit thermal coal mining, offload some cokin ...
Thursday, 20 August 20
LONDON RETAINS ARBITER CROWN - BALTIC EXCHANGE | HFW
Fears that the UK’s decision to leave the European Union would dent the reputation of the nation’s capital as the leader in maritime ar ...
Wednesday, 19 August 20
U.S. COAL STOCKPILES STEADILY INCREASE AFTER REACHING LOWEST LEVEL IN A DECADE IN 2019 - EIA
After reaching their lowest level in more than a decade in March 2019, U.S. coal stockpiles steadily increased to 152 million tons in April 2020, r ...
Wednesday, 19 August 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.26 PCT - XINHUA
China Taiyuan coal transaction price index stood at 124.92 points Monday, down 0.26 percent week on week.
The index, released by Chi ...
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- Intertek Mineral Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Marubeni Corporation - India
- Sical Logistics Limited - India
- Medco Energi Mining Internasional
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Orica Australia Pty. Ltd.
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Mercator Lines Limited - India
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- Riau Bara Harum - Indonesia
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Meralco Power Generation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- Sakthi Sugars Limited - India
- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- Central Java Power - Indonesia
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- Australian Commodity Traders Exchange
- Cigading International Bulk Terminal - Indonesia
- Uttam Galva Steels Limited - India
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- Central Electricity Authority - India
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- Indo Tambangraya Megah - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- Agrawal Coal Company - India
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- Borneo Indobara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Planning Commission, India
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Mintek Dendrill Indonesia
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
- Eastern Coal Council - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
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