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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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Saturday, 09 May 20
ANGLO AMERICAN CONSIDERS SPINNING OFF SOUTH AFRICAN COAL OPERATIONS - REUTERS
Diversified miner Anglo American said on Thursday it prefers unbundling and listing its thermal coal operations in South Africa on the Johannesburg ...
Friday, 08 May 20
THE COLLAPSE OF THE OIL AND BUNKER FUEL MARKETS IN EARLY 2020 - PETER SAND
The sulphur regulation from the International Maritime Organization (IMO) that came into force on 1 January 2020 took the centre stage in the shipp ...
Friday, 08 May 20
LNG DEMAND FACED SEVERAL HEADWINDS IN THE FIRST QUARTER OF 2020 - GASLOG
LNG demand faced several headwinds in the first quarter of 2020 including a warmer than average winter in the northern hemisphere, high inventory l ...
Thursday, 07 May 20
IEEFA UPDATE: THE OUTLOOK FOR THERMAL COAL IN SOUTHEAST ASIA AND SOUTH ASIA
Seven headwinds are building to sustained growth in coal in Asia
The medium term outlook for thermal coal in Southeast Asia is posit ...
Thursday, 07 May 20
IMO 2020: BUNKER CLAIMS HANDLING GUIDE FOR A NEW DECADE - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
IMO 2020 is the term generally used to describe the following regulations under Annex VI of the International Convention ...
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- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- The State Trading Corporation of India Ltd
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- PTC India Limited - India
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- Formosa Plastics Group - Taiwan
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Mercator Lines Limited - India
- Iligan Light & Power Inc, Philippines
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- Asmin Koalindo Tuhup - Indonesia
- Indonesian Coal Mining Association
- Thai Mozambique Logistica
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- GMR Energy Limited - India
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- Central Java Power - Indonesia
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- Central Electricity Authority - India
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Mercuria Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Videocon Industries ltd - India
- Star Paper Mills Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Planning Commission, India
- SMC Global Power, Philippines
- ASAPP Information Group - India
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Makarim & Taira - Indonesia
- Australian Coal Association
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Aditya Birla Group - India
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- MS Steel International - UAE
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Independent Power Producers Association of India
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- Siam City Cement - Thailand
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- Larsen & Toubro Limited - India
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- LBH Netherlands Bv - Netherlands
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bulk Trading Sa - Switzerland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- Gujarat Mineral Development Corp Ltd - India
- South Luzon Thermal Energy Corporation
- PowerSource Philippines DevCo
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- AsiaOL BioFuels Corp., Philippines
- Sree Jayajothi Cements Limited - India
- Baramulti Group, Indonesia
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- Meenaskhi Energy Private Limited - India
- Savvy Resources Ltd - HongKong
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Barasentosa Lestari - Indonesia
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- Global Green Power PLC Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- Jindal Steel & Power Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Simpson Spence & Young - Indonesia
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
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