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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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Friday, 01 May 20
GLOBAL COAL DEMAND TO FALL BY 8% IN Q1 2020 RELATIVE TO Q1 2019 - IEA
We expect global coal demand to fall by 8% in Q1 2020 relative to Q1 2019. This significant drop was driven by lower demand in the electricity sect ...
Friday, 01 May 20
LUKOIL SHARES LUBRICANT EXPERIENCE AFTER FIRST 100 DAYS OF OPERATION ON VLSFO
KNOWLEDGE TO ELEVATE
After 100 days of VLSFO operation, LUKOIL Marine Lubricants is sharing recent experience on VLSFO operation with NAVIGO M ...
Wednesday, 29 April 20
OIL CLOSES IN ON PEAK OVERSUPPLY - WOOD MACKENZIE
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Monday, 27 April 20
INCIDENT INVESTIGATION: SEARCH FOR THE CAUSE, NOT THE VILLAIN - GARD
Incident investigations often conclude with placing the blame for an incident on the crew. Causes of the incidents are usually identified as proced ...
Monday, 27 April 20
A 58,000DWT VESSEL WAS FIXED DELIVERY SINGAPORE TRIP VIA INDONESIA, RE-DELIVERY WC INDIA, AT $4,500 - BALTIC BRIEFING
Capesize
The tide turned this week for the Capesize market, as voyage rates registered dramatically falling fuel costs. This was led primarily ...
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- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- Ceylon Electricity Board - Sri Lanka
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Posco Energy - South Korea
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sarangani Energy Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- Coalindo Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Indika Energy - Indonesia
- SMC Global Power, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- TeaM Sual Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
- Indo Tambangraya Megah - Indonesia
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- SN Aboitiz Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- GMR Energy Limited - India
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Jindal Steel & Power Ltd - India
- White Energy Company Limited
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Bhushan Steel Limited - India
- Heidelberg Cement - Germany
- Ministry of Transport, Egypt
- Electricity Generating Authority of Thailand
- Australian Coal Association
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- ICICI Bank Limited - India
- Mercator Lines Limited - India
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- Vedanta Resources Plc - India
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- Attock Cement Pakistan Limited
- Maharashtra Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- Ministry of Mines - Canada
- PTC India Limited - India
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Singapore Mercantile Exchange
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- Central Electricity Authority - India
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Timah Investasi Mineral - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- Agrawal Coal Company - India
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- Siam City Cement PLC, Thailand
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Billiton Holdings Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Directorate General of MIneral and Coal - Indonesia
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
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