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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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Thursday, 19 March 20
A CRUDE TSUNAMI: UP TO 3 MILLION BPD OF EXTRA OIL CAN HIT THE MARKET FROM APRIL, MORE COMING IN MAY - RYSTAD ENERGY
The extra oil coming into the global market from April will be as much as 3 million barrels per day (bpd), Rystad Energy estimates. Two million bpd ...
Thursday, 19 March 20
BIMCO REVISES 2020 FORECAST FOR MAIN SHIPPING MARKETS
The coronavirus pandemic is impacting global shipping demand for 2020 negatively. The speed of the virus spread makes it difficult to assess the fu ...
Thursday, 19 March 20
U.S. COAL EXPORTS DECLINED IN 2019 - EIA
In 2019, U.S. coal exports declined to 93 million short tons (MMst), a 20% decrease from the previous year, according to the U.S. Energy Informatio ...
Thursday, 19 March 20
SOUTH KOREA'S KOSPO INVITED BIDS FOR MIN 3,700 OR MIN 4,200 NCV LOW CALORIFIC VALUE COAL
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO), has issued an international tender for total 160,000 MT (±10%) (80,000 x 2 Panamax) of ...
Wednesday, 18 March 20
DRY BULK: INDONESIAN COAL CARGOES PROVIDING A BIG BOOST IN THE EAST WHERE SENTIMENT FOR HANDIES ALSO STARTED IMPROVING - INTERMODAL
The BDI ended last week with small gains on the back of an encouraging number of cargoes out of key trading regions that helped sustain the reserve ...
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- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- Energy Link Ltd, New Zealand
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- Mjunction Services Limited - India
- GMR Energy Limited - India
- Indika Energy - Indonesia
- Antam Resourcindo - Indonesia
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- Riau Bara Harum - Indonesia
- GVK Power & Infra Limited - India
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Binh Thuan Hamico - Vietnam
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercuria Energy - Indonesia
- IEA Clean Coal Centre - UK
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- Heidelberg Cement - Germany
- ASAPP Information Group - India
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Ind-Barath Power Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Central Java Power - Indonesia
- The Treasury - Australian Government
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- Australian Coal Association
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Carbofer General Trading SA - India
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Manunggal Multi Energi - Indonesia
- Sical Logistics Limited - India
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- Mercator Lines Limited - India
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- Power Finance Corporation Ltd., India
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Ministry of Finance - Indonesia
- Kepco SPC Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Alfred C Toepfer International GmbH - Germany
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- Planning Commission, India
- The University of Queensland
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- Minerals Council of Australia
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- Indo Tambangraya Megah - Indonesia
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- Banpu Public Company Limited - Thailand
- San Jose City I Power Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- Ministry of Transport, Egypt
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- Bukit Baiduri Energy - Indonesia
- Attock Cement Pakistan Limited
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Sree Jayajothi Cements Limited - India
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Makarim & Taira - Indonesia
- SN Aboitiz Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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