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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, 04 March 20
MARKET INSIGHT - INTERMODAL
As it was expected, the whole world has been focusing on the spread of the Coronavirus, with the fast outbreak being primarily a massive humanitari ...
Wednesday, 04 March 20
CORONAVIRUS: A WILDCARD FOR BULKS DEMAND - WOOD MACKENZIE
The coronavirus is casting a shadow across commodity markets. It has undermined China’s economic sentiment, putting the country’s growt ...
Wednesday, 04 March 20
THERMAL COAL TO 'PHASE OUT', STRONG DEMAND FOR COKING COAL: PLATO - SYDNEY MORNING HERALD
Plato Investments managing director Don Hamson says Australian iron ore producers are set to benefit in the fallout from coronavirus as China will ...
Wednesday, 04 March 20
CHINA PROVINCE TO CLOSE 10 MLN TONNES OF COAL CAPACITY IN 2020 - XINHUA
Southwest China’s Guizhou Province plans to phase out 10 million tonnes of outdated coal production capacity by closing 80 coal mines in 2020 ...
Wednesday, 04 March 20
UKRAINE PRODUCED OVER 2.55 MLN TONNES OF COAL IN FEBRUARY - UKRINFORM
In February 2020, Ukraine produced over 2.55 million tonnes of coal, which is 0.2% less than planned.
The Coal Miners Union of Ukrai ...
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- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- IEA Clean Coal Centre - UK
- GMR Energy Limited - India
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- Marubeni Corporation - India
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Latin American Coal - Colombia
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- Aditya Birla Group - India
- ICICI Bank Limited - India
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- Wood Mackenzie - Singapore
- South Luzon Thermal Energy Corporation
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- Altura Mining Limited, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Leighton Contractors Pty Ltd - Australia
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- The Treasury - Australian Government
- Mjunction Services Limited - India
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- San Jose City I Power Corp, Philippines
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- Renaissance Capital - South Africa
- Mintek Dendrill Indonesia
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- Jindal Steel & Power Ltd - India
- Binh Thuan Hamico - Vietnam
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Power Finance Corporation Ltd., India
- Eastern Energy - Thailand
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- Banpu Public Company Limited - Thailand
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- CNBM International Corporation - China
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- Sical Logistics Limited - India
- Africa Commodities Group - South Africa
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Globalindo Alam Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Lanco Infratech Ltd - India
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- Jaiprakash Power Ventures ltd
- Kaltim Prima Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- McConnell Dowell - Australia
- Economic Council, Georgia
- Chettinad Cement Corporation Ltd - India
- Minerals Council of Australia
- MS Steel International - UAE
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- GVK Power & Infra Limited - India
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Makarim & Taira - Indonesia
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