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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, 03 April 20
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
Wednesday, 01 April 20
TRADERS SCRAMBLE TO SELL CHEAP CRUDE CARGOES AS GLUT GROWS - REUTERS
Oil traders across the globe are offering cargoes far in advance as rapidly vanishing demand drives key physical crude prices to multi-decade lows, ...
Wednesday, 01 April 20
MARKET INSIGHT - INTERMODAL
There is an old, allegedly Chinese, saying suggesting that living in “interesting” times usually refers to times of trouble. The latest ...
Tuesday, 31 March 20
FREIGHT MARKET: DRY BULKERS - SPOT MARKET 23-29 MARCH 2020
Capesize
The rebound in freight rates resumed this past week, with rates man-aging to post further gains by week’s end. The BCI is in negat ...
Tuesday, 31 March 20
DRY BULK: Q1 HAS BEEN THE WORST QUARTER NOTED FOR MORE THAN 3 YEARS NOW - ALLIED RESEARCH
At this point, the Covid-19 pandemic seems to be monopolizing all market (as well as all other) discussions across the world and any market insight ...
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- Sical Logistics Limited - India
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Essar Steel Hazira Ltd - India
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Romanian Commodities Exchange
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
- Mintek Dendrill Indonesia
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- Aboitiz Power Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- Bukit Makmur.PT - Indonesia
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- Planning Commission, India
- PowerSource Philippines DevCo
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
- TNB Fuel Sdn Bhd - Malaysia
- Port Waratah Coal Services - Australia
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- SMG Consultants - Indonesia
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
- Lanco Infratech Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- McConnell Dowell - Australia
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- Global Green Power PLC Corporation, Philippines
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indonesian Coal Mining Association
- Posco Energy - South Korea
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- TeaM Sual Corporation - Philippines
- Orica Mining Services - Indonesia
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Rio Tinto Coal - Australia
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- Indian Oil Corporation Limited
- Parry Sugars Refinery, India
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- Kumho Petrochemical, South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
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