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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, 10 July 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Friday, 10 July 20
GLOBAL SHIPPING EARNINGS FORECAST CUT AS SUPPLY SET TO OUTSTRIP DEMAND - MOODY'S
EBITDA forecast worsens, keeping outlook negative. We now expect the aggregate EBITDA of rated shipping companies to fall by around 16%-18% in 2020 ...
Friday, 10 July 20
SLOW RECOVERY IN TANKER RATES TO WEIGH ON BUANA LINTAS LAUTAN - FITCH RATINGS
Fitch Ratings believes that international tanker rates are likely improve after their sharp fall since May 2020, albeit at a slow pace. The weaknes ...
Wednesday, 08 July 20
MARKET INSIGHT - INTERMODAL
During the previous month, the dry bulk market witnessed an impressive increase in the BDI index that has reached 1800 points from 500 with a clear ...
Tuesday, 07 July 20
COAL INDIA WORKERS STRIKE CUTS OUTPUT BY 56%: OFFICIAL - REUTERS
A strike at Coal India Ltd cut production by 56% in the three days ending July 4 as workers oppose opening up coal mining to the private sector, a ...
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- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Interocean Group of Companies - India
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- Planning Commission, India
- Star Paper Mills Limited - India
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- Electricity Authority, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- SMG Consultants - Indonesia
- Gujarat Sidhee Cement - India
- Australian Coal Association
- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- Siam City Cement - Thailand
- Economic Council, Georgia
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- International Coal Ventures Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- VISA Power Limited - India
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- Romanian Commodities Exchange
- ICICI Bank Limited - India
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Marubeni Corporation - India
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- Parliament of New Zealand
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- OPG Power Generation Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- TeaM Sual Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- South Luzon Thermal Energy Corporation
- The University of Queensland
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
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