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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, 26 February 20
SHIPPING MARKET INSIGHT - INTERMODAL
Coming from one of its busiest periods historically, with a list of scrubber and BWMS retrofits on a waiting list, the ship repair sector is witnes ...
Wednesday, 26 February 20
AS ALL OF THE GLOBAL COAL GIANTS EXIT SOUTH AFRICA, ESKOM TO DEPEND ON TWO MINERS FOR 70% OF ITS SUPPLY - BUSINESS INSIDER
While some of its politicians continue to imagine that coal has a future in South Africa, two key developments from the real world show that securi ...
Tuesday, 25 February 20
DELTA DUNIA MAKMUR REGISTERED A NET PROFIT OF US$20 MILLION FOR FY 2019
PT Delta Dunia Makmur, one of the largest coal mining company in Indonesia, has recorded an US$882 million revenue for FY 2019, 1% lower compared t ...
Tuesday, 25 February 20
SHIPPING UPDATE - ALLIED
The positive feeling and optimism for a fresh rally during the first few months of 2020 that prevailed in the tanker markets during the final quart ...
Monday, 24 February 20
COULD SOME VLSFO FUELS BE BANNED? - GIBSON
The run up to the implementation of the new IMO rules on marine fuels from1st January 2020 had owners and charterers analysing the vari ...
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- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- Larsen & Toubro Limited - India
- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
- Mercuria Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- Ministry of Finance - Indonesia
- Economic Council, Georgia
- The University of Queensland
- Orica Australia Pty. Ltd.
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- PowerSource Philippines DevCo
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Bhushan Steel Limited - India
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- Rashtriya Ispat Nigam Limited - India
- Eastern Coal Council - USA
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- Dalmia Cement Bharat India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- PNOC Exploration Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- Jaiprakash Power Ventures ltd
- Goldman Sachs - Singapore
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- Global Green Power PLC Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Planning Commission, India
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- Bangladesh Power Developement Board
- Australian Coal Association
- Attock Cement Pakistan Limited
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- Maheswari Brothers Coal Limited - India
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Marubeni Corporation - India
- Tamil Nadu electricity Board
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