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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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Saturday, 18 January 20
BIMCO: LOW-SULPHUR FUEL SALE JUMPS TO A 70% SHARE IN SINGAPORE, AS THE IMO 2020 SULPHUR CAP KICKS IN
The final quarter of 2019 marked a massive decline of HSFO sales, as the industry transitioned into compliance of the IMO 2020 Sulphur Cap (IMO2020 ...
Saturday, 18 January 20
GERMAN STEAM COAL IMPORTS IN 2019 PLUMMETED BY 17 % - COAL IMPORTERS ASSOCIATION
Press Release: According to preliminary calculations by the German Coal Importers Association (Verein der Kohlenimporteure e. V.), world trade in h ...
Saturday, 18 January 20
A 61,400 DWT FIXED FROM SOUTH EAST ASIA DELIVERY EAST KALIMANTAN REDELIVERY WEST COAST INDIA IN THE LOW $7,000S - BALTIC BRIEFING
Capesize
The market was relatively stable over this past week putting an end to the past months of more extreme declines. While the Capesize 5T ...
Friday, 17 January 20
EIA ESTIMATES THAT U.S. COAL PRODUCTION DECLINED BY 65 MMST (9%) TO 690 MMST IN 2019. IN 2020, COAL PRODUCTION WILL DECLINE BY A FURTHER 14% TO 597 MMST
U.S. Coal Supply.
EIA estimates that U.S. coal production declined by 65 million short tons (MMst) (9%) to 690 MMst in 2019. In 2020, EIA ...
Friday, 17 January 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index, a gauge of coal p ...
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- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- SMC Global Power, Philippines
- Cigading International Bulk Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Wilmar Investment Holdings
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- Indonesian Coal Mining Association
- New Zealand Coal & Carbon
- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Australian Commodity Traders Exchange
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- GN Power Mariveles Coal Plant, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- VISA Power Limited - India
- Australian Coal Association
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- Deloitte Consulting - India
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- Attock Cement Pakistan Limited
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Energy Link Ltd, New Zealand
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- Global Green Power PLC Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining Corp, Philippines
- Bangladesh Power Developement Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- Global Business Power Corporation, Philippines
- Minerals Council of Australia
- Romanian Commodities Exchange
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- Sarangani Energy Corporation, Philippines
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Parliament of New Zealand
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Petron Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- Planning Commission, India
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Star Paper Mills Limited - India
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- Sical Logistics Limited - India
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- Larsen & Toubro Limited - India
- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining and Power Corporation, Philippines
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