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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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Wednesday, 15 July 20
CHINA'S JUNE COAL IMPORTS FALL 6.7% Y/Y ON PORT CURBS - REUTERS
China’s coal imports dropped 6.7% in June from the same period last year, as stringent import restrictions at ports impeded purchases by trad ...
Wednesday, 15 July 20
MARKET INSIGHT - INTERMODAL
The Covid-19 virus spread around the world has obviously impacted the global oil demand while the situation remains fluid. The overall constraint ...
Tuesday, 14 July 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.75 PCT - XINHUA
China Taiyuan coal transaction price index stood at 126.01 points Monday, up 0.75 percent week on week.
The index, released by China ...
Tuesday, 14 July 20
TURKEY - A CASE OF UNDECLARED BUNKER - GARD
KNOWLEDGE TO ELEVATE
Undeclared/excess bunkers can be considered a criminal act by Turkish customs officials with the ship's crew being ac ...
Monday, 13 July 20
PANAMAX: A TUMULTUOUS WEEK IN THE PANAMAX MARKET ENSURED ALL MARKETS GAINED VALUE ON THE WEEK - BALTIC BRIEFING
Capesize
This week witnessed the dreaded correction in the Capesize market, with the time charter average shedding almost 18 per cent to close ...
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- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- SN Aboitiz Power Inc, Philippines
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Heidelberg Cement - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Minerals Council of Australia
- Kohat Cement Company Ltd. - Pakistan
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
- Australian Coal Association
- Binh Thuan Hamico - Vietnam
- Meralco Power Generation, Philippines
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- Baramulti Group, Indonesia
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- Parliament of New Zealand
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- Sinarmas Energy and Mining - Indonesia
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- Bharathi Cement Corporation - India
- Australian Commodity Traders Exchange
- Planning Commission, India
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- Kepco SPC Power Corporation, Philippines
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- Xindia Steels Limited - India
- Energy Link Ltd, New Zealand
- Romanian Commodities Exchange
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Krishnapatnam Port Company Ltd. - India
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- European Bulk Services B.V. - Netherlands
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- White Energy Company Limited
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- Carbofer General Trading SA - India
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- Karaikal Port Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- Africa Commodities Group - South Africa
- Sical Logistics Limited - India
- Ministry of Finance - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- Borneo Indobara - Indonesia
- Star Paper Mills Limited - India
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- CNBM International Corporation - China
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- Formosa Plastics Group - Taiwan
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- Makarim & Taira - Indonesia
- Iligan Light & Power Inc, Philippines
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- Independent Power Producers Association of India
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- MS Steel International - UAE
- Thai Mozambique Logistica
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- Electricity Generating Authority of Thailand
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
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