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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, 31 March 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.43 PCT - XINHUA
China Taiyuan coal transaction price index stood at 132.17 points Monday, down 0.43 percent week on week.
The index, released by Chi ...
Tuesday, 31 March 20
COAL POWER REMAINS IN GLOBAL DECLINE, DESPITE CHINESE SURGE - SYDNEY MORNING HERALD
The impact of coronavirus has prompted a surge in coal-fired power plant construction permits in China, with the Chinese government issuing more pe ...
Monday, 30 March 20
CORONAVIRUS - IMPLICATIONS FOR SHIPS AND CREW - GARD
KNOWLEDGE TO ELEVATE
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Monday, 30 March 20
LAY-UP AND RE-ACTIVATION REVISITED - GARD
KNOWLEDGE TO ELEVATE
The COVID-19 pandemic has affected the maritime industry in previously unthinkable ways. Ports around the world are denyi ...
Monday, 30 March 20
PANAMAX: INDONESIA LACKED VOLUME, PARTLY DUE TO FORCE MAJEURE IN INDIAN PORTS - BALTIC BRIEFING
Capesize
As Covid-19 continued to ratchet up tensions across the globe, the Cape market dealt with the change to remote working. Most regions o ...
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- Holcim Trading Pte Ltd - Singapore
- PTC India Limited - India
- Romanian Commodities Exchange
- Bhushan Steel Limited - India
- Rio Tinto Coal - Australia
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- White Energy Company Limited
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement PLC, Thailand
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- AsiaOL BioFuels Corp., Philippines
- Barasentosa Lestari - Indonesia
- Coal and Oil Company - UAE
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Australian Coal Association
- Leighton Contractors Pty Ltd - Australia
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- Bulk Trading Sa - Switzerland
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- SMC Global Power, Philippines
- European Bulk Services B.V. - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- Minerals Council of Australia
- Sical Logistics Limited - India
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- Global Business Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Dalmia Cement Bharat India
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- The University of Queensland
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- ICICI Bank Limited - India
- Posco Energy - South Korea
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Singapore Mercantile Exchange
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Salva Resources Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- Coastal Gujarat Power Limited - India
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- MS Steel International - UAE
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
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