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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, 19 February 20
MINERS WELCOME INDONESIA'S NEW JOBS BILL THAT COULD SPUR COAL GROWTH - REUTERS
Miners have welcomed proposed changes to Indonesian mining rules under a new law aimed at boosting investment, though critics are concerned that th ...
Wednesday, 19 February 20
AS OCEAN TEMPERATURES RISE, SHIPOWNERS LOOK FOR WAYS TO COPE - WARTSILA
The world is heating up, and its oceans are no exception. According to the International Panel on Climate Change (IPCC), the oceans absorb the majo ...
Wednesday, 19 February 20
MARKET INSIGHT - INTERMODAL
The coronavirus outbreak is estimated to negatively affect global economy by at least EUR400bn this year, representing around the 0.4% of global GD ...
Tuesday, 18 February 20
WEEKLY MARKET ANALYSIS - ALLIED
Under such poorly performing market circumstances, many usually take the historical approach, in order to better understand and further analyze the ...
Tuesday, 18 February 20
ADARO SHIPPED 27 PERCENT OF ITS TOTAL COAL PRODUCTION IN 2019 TO INDIA AND CHINA
PT Adaro Energy Tbk (AE) produced 58.03 Mt of coal from PT Adaro Indonesia (AI), Balangan Coal Companies and Adaro Me ...
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- The University of Queensland
- Attock Cement Pakistan Limited
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- ASAPP Information Group - India
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- SMG Consultants - Indonesia
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- Power Finance Corporation Ltd., India
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- The Treasury - Australian Government
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- Australian Coal Association
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Indogreen Group - Indonesia
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- Indian Oil Corporation Limited
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indian Energy Exchange, India
- Minerals Council of Australia
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Lanco Infratech Ltd - India
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Maheswari Brothers Coal Limited - India
- Barasentosa Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- Iligan Light & Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- Indika Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- Larsen & Toubro Limited - India
- White Energy Company Limited
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- Aditya Birla Group - India
- TeaM Sual Corporation - Philippines
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- India Bulls Power Limited - India
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Gujarat Sidhee Cement - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Generating Authority of Thailand
- Karbindo Abesyapradhi - Indoneisa
- Latin American Coal - Colombia
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