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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, 12 May 20
A GLOBAL ECONOMIC RESTART HAS SLOWLY BEGUN AS COUNTRIES AROUND THE WORLD GRADUALLY - ALLIED
A global economic restart has slowly begun as countries around the world gradually set their return back to “normality”. Yet by all mea ...
Tuesday, 12 May 20
CAN INDONESIA'S COAL INDUSTRY SURVIVE COVID-19? : IEEFA
Pandemic Lockdown and Slumping Prices Put Extreme Pressure on Coal Miners
Executive Summary
While attention has been focused on th ...
Tuesday, 12 May 20
INDIA'S COAL PRODUCTION TO CLOCK RECORD 700 MILLION TONNES IN FY21: COAL SECRETARY - PTI
Coal Secretary Anil Jain said FY20 coal production was lower than the target of 660 million tonnes because of flooding of a key coal mine.
&nbs ...
Monday, 11 May 20
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
Monday, 11 May 20
CORONAVIRUS PUTS MORE THAN A THIRD OF SEABORNE COAL SUPPLY AT RISK - WOOD MACKENZIE
The full impact of the coronavirus outbreak on the global economy is yet unclear. However, the demand destruction is already becoming evident, with ...
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- Australian Commodity Traders Exchange
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- Energy Development Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Kartika Selabumi Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- The Treasury - Australian Government
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- Planning Commission, India
- Indika Energy - Indonesia
- Simpson Spence & Young - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- PTC India Limited - India
- London Commodity Brokers - England
- SN Aboitiz Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Eastern Energy - Thailand
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- GMR Energy Limited - India
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- Parliament of New Zealand
- Independent Power Producers Association of India
- GN Power Mariveles Coal Plant, Philippines
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Authority, New Zealand
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
- Jaiprakash Power Ventures ltd
- Latin American Coal - Colombia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Makarim & Taira - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- Heidelberg Cement - Germany
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- Timah Investasi Mineral - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- White Energy Company Limited
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Orica Australia Pty. Ltd.
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Wood Mackenzie - Singapore
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
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