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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, 11 January 20
BALTIC BRIEFING TANKER REPORT - WEEK 2
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Friday, 10 January 20
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Thursday, 09 January 20
NEW IMO LIFEBOAT REQUIREMENTS ENTER INTO FORCE - STANDARD CLUB
KNOWLEDGE TO ELEVATE
Three new compulsory IMO resolutions entered into force on 1 January 2020. These resolutions deal with the maintenance, t ...
Thursday, 09 January 20
INDIA'S NEW EASED MINING RULES TO ENHANCE FOREIGN PARTICIPATION IN COAL SECTOR: MINISTER
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- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- Africa Commodities Group - South Africa
- Iligan Light & Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- Videocon Industries ltd - India
- Makarim & Taira - Indonesia
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- VISA Power Limited - India
- Sical Logistics Limited - India
- Semirara Mining Corp, Philippines
- New Zealand Coal & Carbon
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- TeaM Sual Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Carbofer General Trading SA - India
- Marubeni Corporation - India
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- The University of Queensland
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- Bukit Makmur.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Mercuria Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- Merrill Lynch Commodities Europe
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Parliament of New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- Tamil Nadu electricity Board
- PTC India Limited - India
- Wood Mackenzie - Singapore
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- ASAPP Information Group - India
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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