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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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Saturday, 15 February 20
CHEN ZHIDA: NOVEL CORONAVIRUS - IMPLICATIONS FOR CHARTERPARTIES - SHIPOWNERS' CLUB
KNOWLEDGE TO ELEVATE
Last month, the Club issued a bulletin on the 2019 Novel Coronavirus (COVID-19) which explained the origin of the virus a ...
Saturday, 15 February 20
AFRAMAX: A MORE POSITIVE ATTITUDE EXISTED IN THIS SECTOR WITH RATES IMPROVING ON ALL ROUTES - BALTIC BRIEFING
VLCC
The market in the Middle East was unmoved this week, with Chinese refiners continuing to slow imports, allied with the impact of the Coron ...
Saturday, 15 February 20
A 56,000DWT VESSEL WAS CONCLUDED BASIS DELIVERY SINGAPORE VIA INDONESIA REDELIVERY CHINA IN THE LOW $6,000S - BALTIC BRIEFING
Capesize
Riding the downward momentum of the previous week, the market was always going to be hard pressed to make any sort of revival. With mu ...
Saturday, 15 February 20
U.S. COAL PRODUCTION WILL TOTAL 595 MMST IN 2020, DOWN 14% FROM 2019 - EIA
EIA forecasts that U.S. coal production will total 595 million short tons (MMst) in 2020, down 95 MMst (14%) from 2019.
Lower ...
Friday, 14 February 20
WHY THE WORLD ECONOMY WILL BE FACING CHINA'S CORONAVIRUS FOR A LONG TIME - CNBC
Everywhere we look we see the headlines and commentators talking about the coronavirus and its impact on tourism, trade and investment between Chin ...
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- Vijayanagar Sugar Pvt Ltd - India
- Larsen & Toubro Limited - India
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- Africa Commodities Group - South Africa
- Sakthi Sugars Limited - India
- Baramulti Group, Indonesia
- MS Steel International - UAE
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- Gujarat Sidhee Cement - India
- Antam Resourcindo - Indonesia
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- Australian Coal Association
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- PTC India Limited - India
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- Mjunction Services Limited - India
- Deloitte Consulting - India
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Indonesian Coal Mining Association
- Billiton Holdings Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- The State Trading Corporation of India Ltd
- SMC Global Power, Philippines
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- Cement Manufacturers Association - India
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- South Luzon Thermal Energy Corporation
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- Lanco Infratech Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- Global Green Power PLC Corporation, Philippines
- Planning Commission, India
- Central Java Power - Indonesia
- Kobexindo Tractors - Indoneisa
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- SMG Consultants - Indonesia
- LBH Netherlands Bv - Netherlands
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- VISA Power Limited - India
- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- The University of Queensland
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- PNOC Exploration Corporation - Philippines
- CNBM International Corporation - China
- Miang Besar Coal Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Coalindo Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- Ministry of Finance - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- Bukit Asam (Persero) Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
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