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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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Friday, 14 February 20
KOWEPO INVITED BIDS FOR 1.275 MILLION TONS OF MIN. 5,600 NCV COAL
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- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- Bhatia International Limited - India
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Vizag Seaport Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- Star Paper Mills Limited - India
- Coastal Gujarat Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- Timah Investasi Mineral - Indoneisa
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- The Treasury - Australian Government
- Thiess Contractors Indonesia
- Ministry of Finance - Indonesia
- Australian Coal Association
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- Sical Logistics Limited - India
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- Ceylon Electricity Board - Sri Lanka
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- ICICI Bank Limited - India
- MS Steel International - UAE
- Vijayanagar Sugar Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Africa Commodities Group - South Africa
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- Sakthi Sugars Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- Maheswari Brothers Coal Limited - India
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- SMG Consultants - Indonesia
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Indian Energy Exchange, India
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- Eastern Coal Council - USA
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- White Energy Company Limited
- Parliament of New Zealand
- Coal and Oil Company - UAE
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- PTC India Limited - India
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- OPG Power Generation Pvt Ltd - India
- Larsen & Toubro Limited - India
- European Bulk Services B.V. - Netherlands
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