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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 $9.0m.
It is clear that the current asset prices are at a 2-year low. How much further down they can go remains to be seen. Tankers at current prices are definitely the segment that owners and investors should be looking at. While no one is a prophet, you can’t go wrong with the age-old adage of “buy low; sell high”.
By Konstantinos Kontomichis
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Thursday, 11 June 20
JAN-MAY, INDONESIA SHIPPED 175.15 MILLION TONS OF COAL TO ITS OVERSEAS BUYERS
Indonesia's coal production for the first 5 months of this year have reached 228 million tons. January – May 2020, Indonesia shipped US$ ...
Thursday, 11 June 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 ...
Wednesday, 10 June 20
OPEC+ CUTS EXTENSION TO ACCELERATE MARKET REBALANCING - FITCH RATINGS
Fitch Ratings-London-08 June 2020: The OPEC+ agreement to extend by one month record oil production cuts should accelerate market rebalancing, Fitc ...
Wednesday, 10 June 20
MARKET INSIGHT - INTERMODAL
In contrast to the economic projections of the past two years for the first half of 2020, the oil & gas industry and those involved in it faced ...
Wednesday, 10 June 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.19 PCT - XINHUA
China Taiyuan coal transaction price index stood at 123.71 points Monday, down 0.19 percent week on week.
The index, released by Chi ...
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- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- Siam City Cement PLC, Thailand
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Mintek Dendrill Indonesia
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Commonwealth Bank - Australia
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- Singapore Mercantile Exchange
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- Thai Mozambique Logistica
- VISA Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Timah Investasi Mineral - Indoneisa
- Agrawal Coal Company - India
- Aditya Birla Group - India
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- Mercator Lines Limited - India
- Wilmar Investment Holdings
- Salva Resources Pvt Ltd - India
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- Uttam Galva Steels Limited - India
- Dalmia Cement Bharat India
- ICICI Bank Limited - India
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- GVK Power & Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Cigading International Bulk Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- Indogreen Group - Indonesia
- Romanian Commodities Exchange
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- GMR Energy Limited - India
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
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