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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, 10 March 20
CHINA'S COAL-RICH PROVINCE ENSURES ENERGY SUPPLY AMID EPIDEMIC - XINHUA
China’s coal-rich province of Shanxi has seen more than 500 coal mines resume production in February, which ensured energy supply amid the ou ...
Monday, 09 March 20
OPEC+ 'NO DEAL' A BLOW TO THE MARKET - WOOD MACKENZIE
Speaking after today’s OPEC+ meeting broke up, Ann-Louise Hittle, vice president, Macro Oils, at Wood Mackenzie, said: “Today’s o ...
Monday, 09 March 20
KOREA EAST-WEST POWER INVITED BIDS FOR 150,000 MT OF MIN 4,400 - MAX 5,499 NAR COAL
COALspot.com: KOREA EAST-WEST POWER CO. LTD. of South Korea has issued an international tender for total 150,000 MT of LCV coal for May – Jun ...
Sunday, 08 March 20
SUPRAMAX: A 55,000DWT VESSEL FIXING DELIVERY FROM EAST KALIMANTAN FOR A TRIP TO VIETNAM AT $9,100 - BALTIC BRIEFING
SUPRAMAX/ULTRAMAX - A 56,000DWT VESSEL FIXED DELIVERY SOUTH CHINA TRIP VIA INDONESIA, REDELIVERY EAST COAST INDIA, IN THE $6,000S
SUPRAMAX/U ...
Friday, 06 March 20
CHINA RESUMES 83.4 PCT COAL PRODUCTION CAPACITY AMID EPIDEMIC - XINHUA
China has resumed 83.4 percent of its coal production capacity amid the fight against the novel coronavirus outbreak, the National Energy Administr ...
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- Heidelberg Cement - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Vizag Seaport Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- Standard Chartered Bank - UAE
- Therma Luzon, Inc, Philippines
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- GAC Shipping (India) Pvt Ltd
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Riau Bara Harum - Indonesia
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- Vedanta Resources Plc - India
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Essar Steel Hazira Ltd - India
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Orica Mining Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- Rashtriya Ispat Nigam Limited - India
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Orica Australia Pty. Ltd.
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Parliament of New Zealand
- Interocean Group of Companies - India
- Karaikal Port Pvt Ltd - India
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- Australian Coal Association
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- White Energy Company Limited
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Posco Energy - South Korea
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- The University of Queensland
- Star Paper Mills Limited - India
- Global Business Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- Uttam Galva Steels Limited - India
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- Minerals Council of Australia
- Indo Tambangraya Megah - Indonesia
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
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