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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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Sunday, 09 February 20
SUPRAMAX: THE ASIAN ARENA STRUGGLED, A 50,000DWT SHIP FIXING A COAL RUN FROM EAST KALIMANTAN TO INDIA AT $2,000 - THE BALTIC BRIEFING
Capesize
The Capesize market endured another dreadful week of calamitous rate level falls, as the usual season low Q1 period combined with rece ...
Friday, 07 February 20
CIL LOOKING TO TAP NON-POWER SECTORS FOR INCREMENTAL COAL, PTI REPORTED
The miner is looking to ramp up production to meet its targets for the current fiscal at a time when the economic slowdown is impacting demand for ...
Friday, 07 February 20
VIRUS - HIT CHINA MAY NEED MORE IMPORTS OF COAL. NOW COMES THE TRICKY PART - SHIPPING IT THERE: REUTERS
China’s domestic coal mines are struggling to ramp up production in the face of the ongoing coronavirus epidemic. That’s a situation th ...
Friday, 07 February 20
CORONAVIRUS IMPACTING THE GLOBAL SHIPPING INDUSTRY - BIMCO
The outbreak of the novel Coronavirus has dented market sentiment and spooked markets around the globe. When China sneezes, we all catch the flu. T ...
Thursday, 06 February 20
CAPE: WEAK SUPPLY/DEMAND RATIO THE STREETS REMAIN BLOODY FOR THE BIG SHIPS - FEARNLEYS
Cape: With still a weak supply/demand ratio the streets remain bloody for the big ships, and actual spot earnings are close to zero on main short-h ...
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- European Bulk Services B.V. - Netherlands
- Essar Steel Hazira Ltd - India
- Bangladesh Power Developement Board
- Kaltim Prima Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- Australian Coal Association
- Central Electricity Authority - India
- Gujarat Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
- Karbindo Abesyapradhi - Indoneisa
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- Krishnapatnam Port Company Ltd. - India
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- Africa Commodities Group - South Africa
- Straits Asia Resources Limited - Singapore
- Thai Mozambique Logistica
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- Mercator Lines Limited - India
- SMG Consultants - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Larsen & Toubro Limited - India
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- Interocean Group of Companies - India
- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- New Zealand Coal & Carbon
- Merrill Lynch Commodities Europe
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- Indonesian Coal Mining Association
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- The State Trading Corporation of India Ltd
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- Minerals Council of Australia
- Aboitiz Power Corporation - Philippines
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Planning Commission, India
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- Australian Commodity Traders Exchange
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- Eastern Energy - Thailand
- PTC India Limited - India
- Videocon Industries ltd - India
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Riau Bara Harum - Indonesia
- Makarim & Taira - Indonesia
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Economic Council, Georgia
- Thiess Contractors Indonesia
- AsiaOL BioFuels Corp., Philippines
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Indian Energy Exchange, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- Tata Chemicals Ltd - India
- Holcim Trading Pte Ltd - Singapore
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