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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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Saturday, 01 August 20
SHIP SHAPE - OUCH: FIS
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Saturday, 01 August 20
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Friday, 31 July 20
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Friday, 31 July 20
PANAMAX: THE PERIOD MARKET REMAINS QUIET WITH FEW FIXTURES REPORTED - FEARNLEYS
Capesize
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Friday, 31 July 20
PANDEMIC SENDING SOUTH AFRICAN COAL INDUSTRY TO EARLIER GRAVE - IEEFA
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- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- Commonwealth Bank - Australia
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- SN Aboitiz Power Inc, Philippines
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- Krishnapatnam Port Company Ltd. - India
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- Bharathi Cement Corporation - India
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Bayan Resources Tbk. - Indonesia
- Indonesian Coal Mining Association
- MS Steel International - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- New Zealand Coal & Carbon
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- Chettinad Cement Corporation Ltd - India
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Marubeni Corporation - India
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- Planning Commission, India
- Wood Mackenzie - Singapore
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- London Commodity Brokers - England
- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- Formosa Plastics Group - Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Parliament of New Zealand
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
- Bangladesh Power Developement Board
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- The University of Queensland
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- Global Green Power PLC Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- Minerals Council of Australia
- Directorate Of Revenue Intelligence - India
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Tamil Nadu electricity Board
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Edison Trading Spa - Italy
- India Bulls Power Limited - India
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- Uttam Galva Steels Limited - India
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- Thai Mozambique Logistica
- Star Paper Mills Limited - India
- Bukit Makmur.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- Timah Investasi Mineral - Indoneisa
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- Attock Cement Pakistan Limited
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
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