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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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Tuesday, 07 July 20
WHAT DOES THE PATHWAY TO A NET-ZERO ECONOMY LOOK LIKE FOR MINERS? - WOOD MACKENZIE
Wind, solar, electric vehicles, stationary storage and transmission are all central to achieving the Paris Agreement decarbonisation goals.
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Monday, 06 July 20
INDONESIAN COAL PRICE REFERENCE IN FREE FALL
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
Monday, 06 July 20
SUPRAMAX: A 58,000-DWT FIXING DELIVERY VIETNAM TRIP VIA INDONESIA RE-DELIVERY WEST INDIA IN THE LOW $4,000S
Capesize
The Capesize market continues to go from strength to strength, as rates reach highs not seen since September last year. The rally is p ...
Thursday, 02 July 20
PRIVATE COAL MINING MAY SEE WEAK INVESTOR SENTIMENT: ICRA - LIVEMINT
The prospects of commercial coal mining in India may be dimmer than initially expected because of the expected shift in India’s energy mix fr ...
Wednesday, 01 July 20
THERMAL COAL OPTIONS TRADING LAUNCHED IN CHINA'S ZHENGZHOU - XINHUA
Thermal coal options started trading on the Zhengzhou Commodity Exchange (ZCE) in central China’s Henan Province Tuesday.
It i ...
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- Aditya Birla Group - India
- Latin American Coal - Colombia
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- Interocean Group of Companies - India
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- Binh Thuan Hamico - Vietnam
- Sindya Power Generating Company Private Ltd
- Holcim Trading Pte Ltd - Singapore
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Pipit Mutiara Jaya. PT, Indonesia
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- Marubeni Corporation - India
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- Australian Coal Association
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Krishnapatnam Port Company Ltd. - India
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sojitz Corporation - Japan
- Economic Council, Georgia
- Indika Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- Planning Commission, India
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- Salva Resources Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- Orica Australia Pty. Ltd.
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- Attock Cement Pakistan Limited
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- IEA Clean Coal Centre - UK
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- PTC India Limited - India
- Dalmia Cement Bharat India
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- Independent Power Producers Association of India
- Parliament of New Zealand
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- Star Paper Mills Limited - India
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- Vedanta Resources Plc - India
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Finance - Indonesia
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- Bharathi Cement Corporation - India
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- The Treasury - Australian Government
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Kartika Selabumi Mining - Indonesia
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- The University of Queensland
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