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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, 11 March 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.07 PCT - XINHUA
China Taiyuan coal transaction price index stood at 133.16 points Monday, up 0.07 percent week on week.
The index, released by China ...
Wednesday, 11 March 20
SHIPPING MARKET INSIGHT - INTERMODAL
On the 4th of September the Baltic Dry Index marked its highest level for 2019, reaching 2,518 points, while the rest of the dry indices also recor ...
Tuesday, 10 March 20
SHIPPING MARKET ANALYSIS
It might be already overstated, but it seems to be important to point out once again how peculiar the current circumstances are.
Before the st ...
Tuesday, 10 March 20
EIA FORECASTS U.S ELECTRIC POWER SECTOR DEMAND FOR COAL WILL FALL BY 81 MMST (15%) IN 2020
EIA forecasts that U.S. coal production will total 595 million short tons (MMst) in 2020, down 95 MMst (14%) from 2019. According to EIA's Shor ...
Tuesday, 10 March 20
CORONAVIRUS: DEMAND DOWNGRADES FOR BULK COMMODITIES - WOOD MACKENZIE
The coronavirus outbreak is a rapidly evolving news story – and a real wildcard for bulks demand. Our global experts are monitoring the impac ...
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- Orica Australia Pty. Ltd.
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- India Bulls Power Limited - India
- Global Business Power Corporation, Philippines
- The University of Queensland
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- Ministry of Mines - Canada
- Xindia Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- Wood Mackenzie - Singapore
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Latin American Coal - Colombia
- Posco Energy - South Korea
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- Independent Power Producers Association of India
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- Star Paper Mills Limited - India
- Anglo American - United Kingdom
- Kideco Jaya Agung - Indonesia
- Salva Resources Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Manunggal Multi Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Mercuria Energy - Indonesia
- London Commodity Brokers - England
- San Jose City I Power Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Port Waratah Coal Services - Australia
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- Coalindo Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Link Ltd, New Zealand
- The Treasury - Australian Government
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
- Economic Council, Georgia
- Interocean Group of Companies - India
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
- GMR Energy Limited - India
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- White Energy Company Limited
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- MS Steel International - UAE
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- Planning Commission, India
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- Indian Energy Exchange, India
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- Jindal Steel & Power Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Maheswari Brothers Coal Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- McConnell Dowell - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Singapore Mercantile Exchange
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- PTC India Limited - India
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