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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, 05 May 20
SUPRAMAXES: YTD SLIDE HAS BEEN 45%, WITH THE AVERAGE FOR 2020 TCA HOLDING AT US$5,793 - ALLIED
It has been almost three months since the WHO officially categorized the current coronavirus outbreak as a global pandemic, an outbreak that has br ...
Monday, 04 May 20
U.S. ESTIMATED COAL PRODUCTION FALL 39.4% YEAR ON YEAR IN THE WEEK ENDED APRIL 25 - EIA
Estimated U.S. coal production totaled about 8.6 million short tons (MMst) For the week ended April 25, 2020, says EIA in its latest report.
E ...
Saturday, 02 May 20
SUPRAMAX: ASIA, STRONGER NUMBERS - A 55.000-DWT WAS FIXED FROM INDONESIA TO CHINA IN THE MID $6,000S - BALTIC BRIEFING
Capesize
A tepid week for the big ships, as macro concerns continued to weigh heavily on the index. All of the major voyage routes lost value, ...
Friday, 01 May 20
KOSPO INVITED OFFER FOR 5600 NCV COAL FOR Q3 2020 LOADING
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 260,000 Metric Tons (MT) steam coal for Boryeong Power ...
Friday, 01 May 20
GLOBAL COAL DEMAND TO FALL BY ABOUT 8% IN 2020,THE LARGEST DROP SINCE WORLD WAR II - IEA
We expect global coal demand to fall by about 8% in 2020, the largest drop since World War II, with coal use declining in virtually every sector of ...
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- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Ministry of Transport, Egypt
- The University of Queensland
- Central Java Power - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Kartika Selabumi Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- Madhucon Powers Ltd - India
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- Economic Council, Georgia
- Grasim Industreis Ltd - India
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- VISA Power Limited - India
- Anglo American - United Kingdom
- ASAPP Information Group - India
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- Carbofer General Trading SA - India
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- CNBM International Corporation - China
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Riau Bara Harum - Indonesia
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- Mercator Lines Limited - India
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- Indonesian Coal Mining Association
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- The Treasury - Australian Government
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- PTC India Limited - India
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- Deloitte Consulting - India
- Parliament of New Zealand
- Semirara Mining and Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- Sical Logistics Limited - India
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- Planning Commission, India
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PowerSource Philippines DevCo
- White Energy Company Limited
- Sindya Power Generating Company Private Ltd
- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- TNB Fuel Sdn Bhd - Malaysia
- Maheswari Brothers Coal Limited - India
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- Xindia Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
- Medco Energi Mining Internasional
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