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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, 02 June 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.86 PCT - XINHUA
China Taiyuan coal transaction price index stood at 123.95 points Monday, down 0.86 percent week on week.
The index, released by Chi ...
Monday, 01 June 20
SUPRAMAX: IN SOUTH EAST ASIA RATES TRADED SIDEWAYS - BALTIC BRIEFING
Capesize
A sober end to the week, with the market seemingly ready for the weekend. After a steady week of rate declines a small flurry of Atlan ...
Friday, 29 May 20
COVID-19: COAL SUPPLY BY CIL TO POWER SECTOR DIPS 22% TO 32 MT IN APRIL DUE TO DEMAND SLUMP - PTI
Over 95% of CIL’s production comes from its 171 open cast mines.
The supply of coal to the power sector by state-owned Coal In ...
Friday, 29 May 20
AUSTRALIA'S NEW HOPE WARNS OF HIT FROM COAL PRICE SLUMP - REUTERS
Australia’s New Hope Corp Ltd said on Thursday that a sudden drop in thermal coal prices and lower output from its Queensland operations woul ...
Friday, 29 May 20
GOVT MAY LAUNCH COAL BLOCKS AUCTION PROCESS UNDER COMMERCIAL MINING ON JUN 11 - PTI
The Centre is likely to launch the process of coal blocks auction under commercial mining on June 11 and around 50 mines are expected to go under t ...
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- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- Indika Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Jindal Steel & Power Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- SMG Consultants - Indonesia
- Maheswari Brothers Coal Limited - India
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Finance - Indonesia
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- MS Steel International - UAE
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- Semirara Mining and Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- Tamil Nadu electricity Board
- Romanian Commodities Exchange
- Marubeni Corporation - India
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- GVK Power & Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- New Zealand Coal & Carbon
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Indogreen Group - Indonesia
- Renaissance Capital - South Africa
- VISA Power Limited - India
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- Central Electricity Authority - India
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Binh Thuan Hamico - Vietnam
- Directorate Of Revenue Intelligence - India
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Goldman Sachs - Singapore
- PTC India Limited - India
- Minerals Council of Australia
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- Sarangani Energy Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- Trasteel International SA, Italy
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- Dalmia Cement Bharat India
- Tata Chemicals Ltd - India
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Jorong Barutama Greston.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- The University of Queensland
- Salva Resources Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- The State Trading Corporation of India Ltd
- Borneo Indobara - Indonesia
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- Global Business Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
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