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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, 03 March 20
IMPORTANCE OF MASTER'S CARGO CHECKS - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
Adecision in recent High Court case has made it clear that there is no implied indemnity from a charterer to their counte ...
Tuesday, 03 March 20
COAL'S SHARE OF CHINA ENERGY MIX FALLS IN 2019 BUT CONSUMPTION STILL RISING - REUTERS
Coal accounted for 57.7% of China’s primary energy consumption in 2019, the National Bureau of Statistics said on Friday, down 1.5 percentage ...
Monday, 02 March 20
SHIPOWNERS AND OPERATORS COULD FACE DETENTION OF SHIPS FROM 1ST MARCH UNDER IMO RULE - ICS
Port state control authorities will begin to enforce the IMO’s Sulphur 2020 from 1st March, making it an offense for ships to carry fuel that ...
Saturday, 29 February 20
SUPRAMAX SENTIMENT WAS UP IN A FEW KEY AREAS OVER THE LAST WEEK - BALTIC BRIEFING
Capesize
The Capesize market woes related to Coronavirus have now spread through the wider global markets like wildfire. The wider supply and d ...
Thursday, 27 February 20
FOREIGN COMPANIES LIKELY TO SKIP COMMERCIAL COAL BLOCK AUCTIONS - ECONOMIC TIMES
The Centre is in the process of inviting global players for commercial mining, following 100% foreign direct investment in the sector. However, giv ...
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- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Romanian Commodities Exchange
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- Malabar Cements Ltd - India
- Central Java Power - Indonesia
- Wilmar Investment Holdings
- European Bulk Services B.V. - Netherlands
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- Standard Chartered Bank - UAE
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- Economic Council, Georgia
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- Sical Logistics Limited - India
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Independent Power Producers Association of India
- PTC India Limited - India
- Orica Mining Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- Maheswari Brothers Coal Limited - India
- Posco Energy - South Korea
- Indika Energy - Indonesia
- Vizag Seaport Private Limited - India
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- Parry Sugars Refinery, India
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- Kartika Selabumi Mining - Indonesia
- Parliament of New Zealand
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Australian Coal Association
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- Vedanta Resources Plc - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- Eastern Energy - Thailand
- Ministry of Transport, Egypt
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Latin American Coal - Colombia
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Planning Commission, India
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Borneo Indobara - Indonesia
- Sree Jayajothi Cements Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- Karaikal Port Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Star Paper Mills Limited - India
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- Indian Oil Corporation Limited
- Globalindo Alam Lestari - Indonesia
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