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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, 01 July 20
COLOMBIA'S COAL EXPORT VOLUMES HAVE STEADILY DECLINED IN RECENT YEARS - BANCHERO COSTA
Colombia is the world’s fifth largest seaborne exporter of coal, coming after Australia, Indonesia, Russia and the USA.
Export ...
Wednesday, 01 July 20
MARKET INSIGHT - INTERMODAL
It was beginning of 2020 – close to 6 months from now – when we first experienced the huge impact of the COVID 19 outbreak on Ship Repa ...
Monday, 29 June 20
INDONESIAN COAL AT THE MERCY OF THE DRAGON AND TIGER - GHEE PEH | IEEFA
Coal sector analysts have been busy in recent months mapping the negative impact of low coal prices from the COVID-19 pandemic on Indonesian coal c ...
Monday, 29 June 20
FALLING DEMAND IN CHINA AND INDIA SIGNAL TOUGH TIMES AHEAD FOR INDONESIAN EXPORTS - GHEE PEH | EEFA
Assessing the Impact on Indonesian Coal Companies
The bad news for Indonesia’s coal companies is that they are likely to have ...
Monday, 29 June 20
INDIA COAL IMPORT OUTLOOK: WEAK DEMAND, IMPORT SUBSTITUTION, EXPECT 20% YOY DECLINE - GHEE PEH | IEEFA
For India, the coal demand indicators have clearly turned negative.
According to Argus Media, since the government declared a ...
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- Holcim Trading Pte Ltd - Singapore
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
- Minerals Council of Australia
- Kohat Cement Company Ltd. - Pakistan
- Australian Commodity Traders Exchange
- The University of Queensland
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- Karaikal Port Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Global Business Power Corporation, Philippines
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- Power Finance Corporation Ltd., India
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- Parry Sugars Refinery, India
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- Globalindo Alam Lestari - Indonesia
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- OPG Power Generation Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- Indika Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- Australian Coal Association
- Deloitte Consulting - India
- Petrochimia International Co. Ltd.- Taiwan
- Vizag Seaport Private Limited - India
- CNBM International Corporation - China
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Heidelberg Cement - Germany
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- Carbofer General Trading SA - India
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Trasteel International SA, Italy
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Edison Trading Spa - Italy
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- International Coal Ventures Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- Lanco Infratech Ltd - India
- Jindal Steel & Power Ltd - India
- Electricity Authority, New Zealand
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- Indian Oil Corporation Limited
- Bahari Cakrawala Sebuku - Indonesia
- Energy Development Corp, Philippines
- Orica Australia Pty. Ltd.
- Kumho Petrochemical, South Korea
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- LBH Netherlands Bv - Netherlands
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Riau Bara Harum - Indonesia
- Metalloyd Limited - United Kingdom
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
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