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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, 24 April 20
COAL INDIA TO PRODUCE 710 MT COAL - MINISTER OF COAL AND MINES
Coal India Limited (CIL) will produce 710 million tonnes (MT) of coal and company’s coal off take target will also remain at710 MT for this f ...
Friday, 24 April 20
CHINA COAL PRODUCER YANZHOU COAL POSTS 9.6 PCT RISE IN 2019 NET PROFIT - XINHUA
China’s major coal producer Yanzhou Coal Mining Co., Ltd. said Thursday that its net profit saw a 9.6 percent rise in 2019.
Th ...
Tuesday, 21 April 20
INDONESIA ACCOUNTS FOR 19% OF JAPAN'S TOTAL COAL IMPORTS - BANCHERO COSTA
Coal trade in Asia is proving remarkably resilient this year, despite the global economic impact from COVID-19.
We have seen China&r ...
Tuesday, 21 April 20
COVID-19: CHARTERPARTY MATTERS FOR SHIPOWNERS - SKULD
KNOWLEDGE TO ELEVATE
Whilst the plight of cruise ships, stranded off shore with sick passengers and crew, may be dominating media headlines, t ...
Monday, 20 April 20
SUPRAMAX: A 52,000DWT SHIP FIXING AN INDONESIA COAL RUN TO CHINA AT $4400 - BALTIC BRIEFING
Capesize
This week was the strongest period seen for the Capesize market in several months. All routes globally succumbed to improved sentiment ...
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- Sree Jayajothi Cements Limited - India
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- Attock Cement Pakistan Limited
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- Grasim Industreis Ltd - India
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Karaikal Port Pvt Ltd - India
- Wood Mackenzie - Singapore
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Xindia Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- Bhushan Steel Limited - India
- Ceylon Electricity Board - Sri Lanka
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Larsen & Toubro Limited - India
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- MS Steel International - UAE
- Malabar Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- Jaiprakash Power Ventures ltd
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- Indian Oil Corporation Limited
- Oldendorff Carriers - Singapore
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- Petron Corporation, Philippines
- GMR Energy Limited - India
- CNBM International Corporation - China
- Planning Commission, India
- Parry Sugars Refinery, India
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- Mercator Lines Limited - India
- Central Electricity Authority - India
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- Altura Mining Limited, Indonesia
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- Chamber of Mines of South Africa
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- Tamil Nadu electricity Board
- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
- Siam City Cement - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- South Luzon Thermal Energy Corporation
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- Carbofer General Trading SA - India
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- SMC Global Power, Philippines
- Eastern Energy - Thailand
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ICICI Bank Limited - India
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- Aditya Birla Group - India
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
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