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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, 07 April 20
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Monday, 06 April 20
A 52,000DWT SHIP FIXING DELIVERY SINGAPORE TRIP, VIA INDONESIA, REDELIVERY TAIWAN, AT $3,100 - BALTIC BRIEFING
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Showing 1026 to 1030 news of total 6871 |
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- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- GVK Power & Infra Limited - India
- PowerSource Philippines DevCo
- Heidelberg Cement - Germany
- Planning Commission, India
- Chamber of Mines of South Africa
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- Anglo American - United Kingdom
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- Essar Steel Hazira Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- McConnell Dowell - Australia
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- Australian Coal Association
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- Petron Corporation, Philippines
- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- GMR Energy Limited - India
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- London Commodity Brokers - England
- Binh Thuan Hamico - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Trasteel International SA, Italy
- Parliament of New Zealand
- Bulk Trading Sa - Switzerland
- The University of Queensland
- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Coal and Oil Company - UAE
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
- Antam Resourcindo - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- Meenaskhi Energy Private Limited - India
- Goldman Sachs - Singapore
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- PTC India Limited - India
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Minerals Council of Australia
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Salva Resources Pvt Ltd - India
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- Dalmia Cement Bharat India
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- Price Waterhouse Coopers - Russia
- CNBM International Corporation - China
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- Globalindo Alam Lestari - Indonesia
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Economic Council, Georgia
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- Deloitte Consulting - India
- Independent Power Producers Association of India
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Jindal Steel & Power Ltd - India
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
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