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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, 12 February 20
COAL INDIA WILL EXCEED LAST YEAR'S PRODUCTION FIGURES: OFFICIAL - PTI
Despite coal production being hampered at Dipka mines due to prolonged rains, Coal India Ltd will exceed last year’s production figures, a to ...
Wednesday, 12 February 20
MARKET INSIGHT - INTERMODAL
The recent Coronavirus outbreak in China has led to a global health emergency by World Health Organization and it is yet to be seen how long the ph ...
Wednesday, 12 February 20
CHANGES IN LNG MARKET COULD UNDERCUT PLANS FOR NEW JAPANESE COAL PLANTS - CLYDE RUSSELL
Reuters: Clyde Russell
The collapse in the spot price of liquefied natural gas (LNG) in Asia is a short-term phenomenon that may wel ...
Wednesday, 12 February 20
THE SHIPPING INDUSTRY SEES FREIGHT MARKETS IN A COMPLETE STATE OF COLLAPSE AS DEMAND GETS PARALYZED DUE TO CORONAVIRUS OUTBREAK - ALLIED
With China and the world still trying to contain the effects and come to terms with the Wuhan novel coronavirus outbreak, the shipping industry see ...
Wednesday, 12 February 20
WORLD STEEL PRODUCTION IN 2019 - BANCHERO COSTA
In a worrying development, global steel production slowed down considerably in the fourth quarter of 2019. In the final 3 months of 2019, total cru ...
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- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Energy Development Corp, Philippines
- Romanian Commodities Exchange
- Electricity Authority, New Zealand
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- Bhatia International Limited - India
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- GMR Energy Limited - India
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Posco Energy - South Korea
- Thai Mozambique Logistica
- IEA Clean Coal Centre - UK
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Miang Besar Coal Terminal - Indonesia
- Xindia Steels Limited - India
- Jindal Steel & Power Ltd - India
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Vizag Seaport Private Limited - India
- Tata Chemicals Ltd - India
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- Deloitte Consulting - India
- Aditya Birla Group - India
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- Planning Commission, India
- Siam City Cement PLC, Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- Parliament of New Zealand
- Mercator Lines Limited - India
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- White Energy Company Limited
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Goldman Sachs - Singapore
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- Siam City Cement - Thailand
- Coastal Gujarat Power Limited - India
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Aboitiz Power Corporation - Philippines
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Therma Luzon, Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- Petron Corporation, Philippines
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- Mintek Dendrill Indonesia
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Attock Cement Pakistan Limited
- Riau Bara Harum - Indonesia
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- ICICI Bank Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- MS Steel International - UAE
- Directorate General of MIneral and Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Mercuria Energy - Indonesia
- Sical Logistics Limited - India
- Georgia Ports Authority, United States
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- Africa Commodities Group - South Africa
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Krishnapatnam Port Company Ltd. - India
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
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