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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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Thursday, 23 January 20
AFRICAN POWER PLATFORM PUBLISHES REPORTS ON POWER SECTOR FRAMEWORK FOR SELECTED AFRICAN COUNTRIES
Press Release: African Power Platform publishes Reports on Power Sector Framework for selected African Countries
With the repo ...
Thursday, 23 January 20
COAL-BASED ELECTRICITY GENERATION SURGES 95% IN 2019 - PROFIT PAKISTAN TODAY
Coal-based power generation jumped 94.5 percent to 2,030 Gigawatt hours (GWh) in the year to November 2019, taking its share in the country’s ...
Wednesday, 22 January 20
INDIA: COAL PRODUCTION FROM CAPTIVE MINES RAISES 24% OUTPUT IN APRIL TO DECEMBER - FINANCIAL EXPRESS
Coal production from captive mines in the first nine months of the ongoing financial year was up 24% year-on-year (y-o-y) at 40.93 million tonne (M ...
Wednesday, 22 January 20
SHIPPING MARKET INSIGHT - INTERMODAL
It seems that we are finally seeing whitish smoke as far as the trade feud between the US and China is concerned, while following this much anticip ...
Tuesday, 21 January 20
IRON ORE - 5 THINGS TO WATCH IN 2020 - WOOD MACKENZIE
Wood Mackenzie identifies five trends that will impact the iron ore industry.
Slower demand growth (especially in China) and a decen ...
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- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- Siam City Cement PLC, Thailand
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- Indian Energy Exchange, India
- Latin American Coal - Colombia
- Baramulti Group, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- Miang Besar Coal Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Aboitiz Power Corporation - Philippines
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- International Coal Ventures Pvt Ltd - India
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- London Commodity Brokers - England
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Globalindo Alam Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- CNBM International Corporation - China
- Sakthi Sugars Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
- PowerSource Philippines DevCo
- India Bulls Power Limited - India
- Interocean Group of Companies - India
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- Merrill Lynch Commodities Europe
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- Mercuria Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- Alfred C Toepfer International GmbH - Germany
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Kideco Jaya Agung - Indonesia
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- The University of Queensland
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Romanian Commodities Exchange
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asmin Koalindo Tuhup - Indonesia
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Energy Development Corp, Philippines
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- Chettinad Cement Corporation Ltd - India
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- Kartika Selabumi Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- Bhoruka Overseas - Indonesia
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
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