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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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Wednesday, 18 March 20
SHIPPING MARKET INSIGHT - INTERMODAL
Despite we all knew about the Covid-19 weeks ago, few could realize the size of the thread until the last few days. The examples of China and Italy ...
Tuesday, 17 March 20
IT IS NOW UNQUESTIONABLE THAT 2020 WILL BE A MILESTONE YEAR FOR THE OIL MARKET, AS WELL AS THE WHOLE GLOBAL ECONOMY - ALLIED
It is now unquestionable that 2020 will be a milestone year for the oil market, as well as the whole global economy. The impact from the COVID-19 o ...
Tuesday, 17 March 20
PRELIMINARY FIELD EXPERIENCES ON THE EFFECTS OF LSFO AND VLSFO ON CYLINDER CONDITION - HANS JENSEN LUBRICATORS
It is now more than two months since the 0.5% sulphur cap entered into force, which have affected the operation of more than 70,000 vessels. As ant ...
Monday, 16 March 20
ULTRAMAX: S8 INDONESIA-INDIA AND S10 INDONESIA-CHINA ROUTES BOTH POSTED GAINS OF $1,412, AND $1,289 ON THE WEEK, TO CLOSE AT $5,575, AND $6,089 RESPECTIVELY - BALTIC BRIEFING
Capesize
The Capesize market came to work on Monday, with little expectation, or confidence, that the days ahead were going to bring anything o ...
Sunday, 15 March 20
CAPTIVE COAL OUTPUT RISES 19% IN APRIL-FEBRUARY - FINANCIAL EXPRESS
Coal production from captive mines in the first eleven months of the ongoing fiscal have increased by 18.8% year-on-year (y-o-y) to 51.7 million to ...
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- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- Maheswari Brothers Coal Limited - India
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Rio Tinto Coal - Australia
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- London Commodity Brokers - England
- Metalloyd Limited - United Kingdom
- Parry Sugars Refinery, India
- Gujarat Sidhee Cement - India
- Ministry of Finance - Indonesia
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- The University of Queensland
- Petron Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
- Xindia Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Agrawal Coal Company - India
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- CIMB Investment Bank - Malaysia
- Formosa Plastics Group - Taiwan
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- Oldendorff Carriers - Singapore
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Georgia Ports Authority, United States
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- Planning Commission, India
- Eastern Energy - Thailand
- CNBM International Corporation - China
- VISA Power Limited - India
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- Price Waterhouse Coopers - Russia
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- SN Aboitiz Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tamil Nadu electricity Board
- GVK Power & Infra Limited - India
- Bangladesh Power Developement Board
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- Coal and Oil Company - UAE
- LBH Netherlands Bv - Netherlands
- Globalindo Alam Lestari - Indonesia
- Coalindo Energy - Indonesia
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- Wood Mackenzie - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Attock Cement Pakistan Limited
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- Ministry of Transport, Egypt
- Uttam Galva Steels Limited - India
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- Meenaskhi Energy Private Limited - India
- Australian Coal Association
- Indogreen Group - Indonesia
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
- Cement Manufacturers Association - India
- Sakthi Sugars Limited - India
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Wilmar Investment Holdings
- Independent Power Producers Association of India
- PNOC Exploration Corporation - Philippines
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