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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, 07 January 20
CLEANER AIR IN 2020: 0.5% SULPHUR CAP FOR SHIPS ENTERS INTO FORCE WORLDWIDE - EUROPEAN COMMISSION
From 1 January 2020, the maximum sulphur content of marine fuels is reduced to 0.5% (down from 3.5%) globally – reducing air pollution and pr ...
Tuesday, 07 January 20
BHP EYES INDIA FOR COAL GROWTH AS CHINA DEMAND FLATLINES - SYDNEY MORNING HERALD
Australia’s largest miner, BHP, believes the long-term trajectory of the emerging economy of India and the acceleration of its steelmaking ou ...
Sunday, 05 January 20
BUNKER QUALITY CLAIMS IN 2020 - ISSUES TO CONSIDER - CLYDE&CO
KNOWLEDGE TO ELEVATE
In recent years the shipping industry has faced a significant number of bunker quality claims, most notably ari ...
Saturday, 04 January 20
SUPRAMAX: A 53,000DWT VESSEL FIXING DELIVERY INDONESIA TRIP TO CHINA AT $4,000 AND A 58,000DWT SHIP FIXING DELIVERY EAST KALIMANTAN TRIP TO THAILAND AT $5,500 - BALTIC BRIEFING
Capesize
The New Year started with an erosion on pre-Christmas rates as the higher low sulphur fuel costs due to IMO 2020 affected levels. From ...
Thursday, 02 January 20
DMO 2020 PRICE SET FOR ELECTRICITY SECTOR - IAN WOLLFF
On the 26th December 2019, the Minister of Energy and Mineral Resources (ESDM) issued the decree No. 261.K/30.MEM/2019 about the States needs for c ...
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Showing 1211 to 1215 news of total 6871 |
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- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- CIMB Investment Bank - Malaysia
- Timah Investasi Mineral - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- Parry Sugars Refinery, India
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- Port Waratah Coal Services - Australia
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- Toyota Tsusho Corporation, Japan
- Bangladesh Power Developement Board
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- Gujarat Sidhee Cement - India
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Mercuria Energy - Indonesia
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- Cement Manufacturers Association - India
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- Borneo Indobara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Bharathi Cement Corporation - India
- Bhoruka Overseas - Indonesia
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- Trasteel International SA, Italy
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- GN Power Mariveles Coal Plant, Philippines
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- Petrochimia International Co. Ltd.- Taiwan
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Riau Bara Harum - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- White Energy Company Limited
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- Dalmia Cement Bharat India
- Australian Coal Association
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- Edison Trading Spa - Italy
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Power Finance Corporation Ltd., India
- Directorate General of MIneral and Coal - Indonesia
- PTC India Limited - India
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- Parliament of New Zealand
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Africa Commodities Group - South Africa
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- Anglo American - United Kingdom
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- IHS Mccloskey Coal Group - USA
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- Ind-Barath Power Infra Limited - India
- Global Business Power Corporation, Philippines
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- New Zealand Coal & Carbon
- The University of Queensland
- MS Steel International - UAE
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