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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, 16 January 20
SUPRAMAX: INDO/CHINA ROUND VOYAGE FIXING AROUND LOW/MID USD 6,000 BSS APS INDO - FEARNLEYS
Capesize
Still very rough seas for the big ships, with the majority of the fleet trading Far East or fronthaul and consequently earning far les ...
Wednesday, 15 January 20
ASIA PACIFIC GAS AND LNG - 6 THEMES TO WATCH IN 2020 - WOOD MACKENZIE
NEWS RELEASE
Wood Mackenzie has identified six themes that will impact Asia Pacific’s gas and LNG markets in 2020
Asian LNG spot pr ...
Wednesday, 15 January 20
PREDICTIONS FOR 2020: 'SLOWBALISATION" IS THE NEW GLOBALISATION - PWC
Projecting what the future holds is an important exercise for businesses looking to plan ahead. Below we present a summary of some of the themes we ...
Wednesday, 15 January 20
SHIPPING MARKET INSIGHT - INERMODAL
Happy New Year and all the best for IMO 2020 !!
The early days of IMO 2020 coming into force have certainly had an impact on the indus ...
Tuesday, 14 January 20
SOLAS AMENDMENTS ENTERING INTO FORCE 1 JANUARY 2020 - STANDARD CLUB
While the latest amendments to MARPOL annex VI which entered into force on 1 January 2020 limiting the SOx emissions from ships has been the centre ...
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- Electricity Generating Authority of Thailand
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- Bulk Trading Sa - Switzerland
- Xindia Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- Dalmia Cement Bharat India
- Kepco SPC Power Corporation, Philippines
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- Semirara Mining Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- Independent Power Producers Association of India
- Larsen & Toubro Limited - India
- Planning Commission, India
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- Indika Energy - Indonesia
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- Anglo American - United Kingdom
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- Georgia Ports Authority, United States
- Bhoruka Overseas - Indonesia
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- Vijayanagar Sugar Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- Mjunction Services Limited - India
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- Ind-Barath Power Infra Limited - India
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- SN Aboitiz Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- The University of Queensland
- Petron Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Medco Energi Mining Internasional
- Ambuja Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- Indian Oil Corporation Limited
- PTC India Limited - India
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- Posco Energy - South Korea
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- Tata Chemicals Ltd - India
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- Madhucon Powers Ltd - India
- Wilmar Investment Holdings
- Offshore Bulk Terminal Pte Ltd, Singapore
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Singapore Mercantile Exchange
- Therma Luzon, Inc, Philippines
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Orica Mining Services - Indonesia
- White Energy Company Limited
- Romanian Commodities Exchange
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Savvy Resources Ltd - HongKong
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Baramulti Group, Indonesia
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