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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, 07 August 20
PEABODY'S $1.42 BILLION WRITE-DOWN CONCEDES COAL MINES HAVE LITTLE VALUE AND DIM FUTURE - IEEFA
Trouble at biggest mine in Powder River Basin speaks volumes about state of industry
Peabody Energy, the world’s largest priva ...
Thursday, 06 August 20
SUPRAMAX MARKET CONTINUED SIDEWAYS TREND, AND LITTLE INSPIRING NEWS APPEAR - FEARNLEYS
Capesize
There is presently a small correction in rates, but overall levels are up from previous week mainly due to increased demand in the Eas ...
Thursday, 06 August 20
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COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) inviting bids for 80,000 Tons (MT) Min 3,600~Max 3,800 kcal/kg NCV coal f ...
Wednesday, 05 August 20
NO NEW MINING LICENSES - A REMINDER TO GOVERNORS IN INDONESIA - SSEK
Indonesia’s acting Director General of Mining and Coal (“DGMC”) has issued a letter to the country’s provincial Governors t ...
Wednesday, 05 August 20
AUGUST 2020 HBA HITTING ITS LOWEST LEVELS IN HISTORY
COALspot.com: The Indonesia Coal Price Reference for the month of August plunged 30.73% YoY, hitting its lowest levels in history and highlighting ...
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- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- London Commodity Brokers - England
- The University of Queensland
- Minerals Council of Australia
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- Bharathi Cement Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- Karaikal Port Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Kumho Petrochemical, South Korea
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- MS Steel International - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- White Energy Company Limited
- McConnell Dowell - Australia
- South Luzon Thermal Energy Corporation
- Rashtriya Ispat Nigam Limited - India
- Manunggal Multi Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- Commonwealth Bank - Australia
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- Riau Bara Harum - Indonesia
- Siam City Cement - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- Meralco Power Generation, Philippines
- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- Pendopo Energi Batubara - Indonesia
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- PTC India Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Coal and Oil Company - UAE
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- Trasteel International SA, Italy
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
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