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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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Monday, 20 July 20
COAL INDIA LAUNCHES SPECIAL CATEGORY OF E-AUCTION FOR COAL IMPORTERS - BUSINESS STANDARD
Coal India (CIL) on Friday launched a special category of e-auction for importers of coal. This is in line with the government’s declaration ...
Monday, 20 July 20
OIL PRICE OF $40-43 PER BARREL MORE OR LESS BALANCED - NOVAK | TASS
The Russian Ministry of Energy considers the current oil price of $40-43 per barrel more or less balanced and does not expect price changes after t ...
Monday, 20 July 20
SUPRAMAX: A 63,000 OPEN NORTH CHINA FIXING AN AUSTRALIAN ROUND IN THE LOW $10,000S - BALTIC BRIEFING
Capesize
The capesize market showed some resistance this week to recent losses as all routes saw a small uptick in value to end the week. With ...
Friday, 17 July 20
MISC MALAYSIA ENTERS INTO PURCHASE AGREEMENTS AND TIME CHARTER PARTIES FOR SIX VLECS
MISC Berhad (MISC) has entered into Memorandum of Agreements (MOAs) with six indirect wholly-owned subsidiaries of Zhejiang Satellite Petrochem ...
Wednesday, 15 July 20
HOW MEANINGFUL ARE SOME ESTIMATES FOR INDIA’S COAL CONSUMPTION DATA? - IEEFA
In recent years, BP's estimates for India have contained what appears to be a record of over-optimistic projections
BP’s a ...
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- Tata Chemicals Ltd - India
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Kartika Selabumi Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Neyveli Lignite Corporation Ltd, - India
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Eastern Energy - Thailand
- Therma Luzon, Inc, Philippines
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Grasim Industreis Ltd - India
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Coastal Gujarat Power Limited - India
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Energy Development Corp, Philippines
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- Jorong Barutama Greston.PT - Indonesia
- Carbofer General Trading SA - India
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Orica Mining Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- AsiaOL BioFuels Corp., Philippines
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- GVK Power & Infra Limited - India
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- Interocean Group of Companies - India
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- Lanco Infratech Ltd - India
- Marubeni Corporation - India
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- PTC India Limited - India
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- Energy Link Ltd, New Zealand
- Central Java Power - Indonesia
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- Indonesian Coal Mining Association
- ICICI Bank Limited - India
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- Singapore Mercantile Exchange
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