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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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Saturday, 21 March 20
PANAMAX: 82,000DWT SHIP AGREED $4,250 FOR A COAL TRIP VIA INDONESIA REDELIVERY SOUTH CHINA - BALTIC BRIEFING
Capesize
The Capesize market made some headway this past week despite being buffeted by the global pandemic storm. With the market in a constan ...
Friday, 20 March 20
VOLATILITY TO INCREASE IN TANKER MARKET FOLLOWING OIL PRICE WAR - DREWRY
Crude oil prices plunged by more than a third in the past week after OPEC+ failed to agree on production cut as demand softened in the aftermath of ...
Friday, 20 March 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 ...
Friday, 20 March 20
OIL PRICES COULD FALL BELOW ZERO: ANALYST - FOX BUSINESS
Plunging oil prices could be headed a lot lower – possibly below zero, according to one Wall Street analyst.
West Texas Interm ...
Friday, 20 March 20
84% OF FEBRUARY BUNKER SALES IN SINGAPORE ARE LOW-SULPHUR FUELS - BIMCO
Low-sulphur fuels accounted for 84% of total February sales in Singapore, slightly up from 83% in January. The sale of low-sulphur fuel oil (LSFO) ...
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- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- Planning Commission, India
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Ind-Barath Power Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- VISA Power Limited - India
- London Commodity Brokers - England
- Minerals Council of Australia
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Transport, Egypt
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Salva Resources Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- The University of Queensland
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- Maheswari Brothers Coal Limited - India
- Coastal Gujarat Power Limited - India
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- PTC India Limited - India
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Australian Coal Association
- Siam City Cement PLC, Thailand
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Mjunction Services Limited - India
- Sojitz Corporation - Japan
- Coal and Oil Company - UAE
- Binh Thuan Hamico - Vietnam
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- Vedanta Resources Plc - India
- ICICI Bank Limited - India
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- Grasim Industreis Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Barasentosa Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- Economic Council, Georgia
- GMR Energy Limited - India
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
- Edison Trading Spa - Italy
- Cement Manufacturers Association - India
- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Power Finance Corporation Ltd., India
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- South Luzon Thermal Energy Corporation
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Port Waratah Coal Services - Australia
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- Anglo American - United Kingdom
- Bhoruka Overseas - Indonesia
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Kideco Jaya Agung - Indonesia
- White Energy Company Limited
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Makarim & Taira - Indonesia
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