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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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Monday, 18 May 20
TAKING ADVANTAGE OF VIRUS DISTRACTION - BALTIC EXCHANGE
As the industry grapples to deal with exceptional Covid-19-related challenges, a deeper threat is coming to the fore. At this time of crisis, more ...
Monday, 18 May 20
THERMAL COAL SPOT PRICE TUMBLES 25 PER CENT, PUTTING PRESSURE ON SOME PRODUCERS - ABC RURAL
The spot price for thermal coal has fallen 25 per cent per cent in the past month with one leading analyst saying it is because of a reduction in d ...
Monday, 18 May 20
CHINA'S COAL OUTPUT UP 1.3 PCT IN JANUARY-APRIL: XINHUA
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Sunday, 17 May 20
A 55,000 OPEN ILIGAN FIXING AT $6,500 VIA INDONESIA REDELIVERY INDIA - BALTIC BRIEFING
Capesize
A precipitous fall in the market this week had the Capesize 5TC shedding over 50 per cent in value. A small rebound at the end of the ...
Friday, 15 May 20
CHINA'S COAL CONSUMPTION TO FALL Y/Y IN SECOND QUARTER, IMPROVEMENT EXPECTED IN SECOND HALF - INDUSTRY BODY: REUTERS
China’s coal consumption is expected to decline in the second quarter from a year earlier, but will see an improvement in the second half of ...
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- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
- Latin American Coal - Colombia
- Essar Steel Hazira Ltd - India
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Lanco Infratech Ltd - India
- Siam City Cement - Thailand
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- PNOC Exploration Corporation - Philippines
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- New Zealand Coal & Carbon
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- Bhatia International Limited - India
- Bukit Makmur.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- Sojitz Corporation - Japan
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- Deloitte Consulting - India
- The University of Queensland
- Posco Energy - South Korea
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- Trasteel International SA, Italy
- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- Madhucon Powers Ltd - India
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- Indonesian Coal Mining Association
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
- Baramulti Group, Indonesia
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- Sical Logistics Limited - India
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- Agrawal Coal Company - India
- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- LBH Netherlands Bv - Netherlands
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Coal Association
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- Australian Commodity Traders Exchange
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Kepco SPC Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- Star Paper Mills Limited - India
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Bayan Resources Tbk. - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- Grasim Industreis Ltd - India
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
- Goldman Sachs - Singapore
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- India Bulls Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
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