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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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Tuesday, 21 January 20
ASIA'S APPETITE FOR COAL GROWS, WITH CHINA THE KEY DECIDER - NIKKEI
Although renewable power generation is expected to rise significantly in Asia, India’s vast electricity needs will still underpin global dema ...
Tuesday, 21 January 20
THERMAL COAL PRICES SET FOR RECOVERY THIS YEAR AS OVERSUPPLY TIGHTENS - REUTERS
Thermal coal prices are expected to recover this year after losing around a third of their value last year as demand from some south-east Asian cou ...
Monday, 20 January 20
INDIA TO STOP SUBSTITUTABLE COAL IMPORT; CAN GO FOR AUCTION OF 100 FULLY EXPLORED NEW BLOCKS: JOSHI - PTI
The Cabinet recently approved promulgation of Mineral Laws (Amendment) Ordinance 2020 to amend Mines and Minerals (Development and Regulation ) Act ...
Monday, 20 January 20
CHINA DECEMBER COAL OUTPUT UP 2.4 PERCENT ON YEAR - STATS BUREAU: REUTERS
China produced 331.74 million tonnes of coal in December, up 2.4 percent on the year, the National Bureau of Statistics said on Friday.
...
Monday, 20 January 20
CHINA IMPORTED 124.4 MLN TONNES OF COAL FROM INDONESIA IN 2019, UP 15.1 PERCENT YOY - BANCHERO COSTA
China's coal imports raced ahead in 2019, surprising many who had expected that in the months of 2019 to come the government would clamp down s ...
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- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- Altura Mining Limited, Indonesia
- The University of Queensland
- Indian Oil Corporation Limited
- Latin American Coal - Colombia
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- Planning Commission, India
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
- Sree Jayajothi Cements Limited - India
- Krishnapatnam Port Company Ltd. - India
- Carbofer General Trading SA - India
- Power Finance Corporation Ltd., India
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- Tamil Nadu electricity Board
- Economic Council, Georgia
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- London Commodity Brokers - England
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- Videocon Industries ltd - India
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Medco Energi Mining Internasional
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- PTC India Limited - India
- Marubeni Corporation - India
- Indian Energy Exchange, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sical Logistics Limited - India
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- Intertek Mineral Services - Indonesia
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- Xindia Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Tata Chemicals Ltd - India
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- Lanco Infratech Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- Iligan Light & Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- SN Aboitiz Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- Ministry of Transport, Egypt
- Grasim Industreis Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- Electricity Generating Authority of Thailand
- Georgia Ports Authority, United States
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
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