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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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Sunday, 29 December 19
AUSTRALIA SUFFERS WORST OF CHINA'S COAL CURBS AFTER EARLIER BOOM - BLOOMBERG
Australia is bearing the brunt of China’s year-end coal import restrictions, ceding market share to other exporters including Russia and Mong ...
Saturday, 28 December 19
SUPRAMAX: A 63,000DWT VESSEL, OPEN CIGADING, FIXED A TRIP VIA INDONESIA, REDELIVERY WEST COAST INDIA, AT $8,500 - BALTIC BRIEFING
Capesize
The Capesize market this past week has been attempting to recalibrate itself in consideration of weakening freight levels and increasing ...
Saturday, 28 December 19
CHINESE INDUSTRIAL CITY TO FURTHER CUT COAL CONSUMPTION - XINHUA
Harbin, capital city of Heilongjiang Province in China’s northeastern industrial heartland, is planning to further reduce its coal consumptio ...
Friday, 27 December 19
MISERY LOOMS OVER TOP COAL SHIPPERS AS CHINA TO BUY LESS IN 2020 BLOOMBERG
China isn’t cutting back on consumption of the most-polluting fossil fuel just yet, but it is set to reduce imports.
The world ...
Thursday, 26 December 19
REVIEW OF 2019 AND OUTLOOK FOR 2020 - OPEC
Global economic growth slowed in 2019, impacted by a variety of challenges. Trade issues not only led to reduction in global final consumption but ...
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Showing 1221 to 1225 news of total 6871 |
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- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- Gujarat Sidhee Cement - India
- CIMB Investment Bank - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- VISA Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
- IEA Clean Coal Centre - UK
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- White Energy Company Limited
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- Sojitz Corporation - Japan
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Kaltim Prima Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- Edison Trading Spa - Italy
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Mining Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- AsiaOL BioFuels Corp., Philippines
- Australian Coal Association
- Vijayanagar Sugar Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Agrawal Coal Company - India
- SN Aboitiz Power Inc, Philippines
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- ICICI Bank Limited - India
- ASAPP Information Group - India
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- Coalindo Energy - Indonesia
- Interocean Group of Companies - India
- Leighton Contractors Pty Ltd - Australia
- SMG Consultants - Indonesia
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- Bangladesh Power Developement Board
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- The University of Queensland
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Kumho Petrochemical, South Korea
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- Africa Commodities Group - South Africa
- New Zealand Coal & Carbon
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Antam Resourcindo - Indonesia
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- PetroVietnam Power Coal Import and Supply Company
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- Price Waterhouse Coopers - Russia
- Star Paper Mills Limited - India
- Electricity Generating Authority of Thailand
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- Minerals Council of Australia
- Rashtriya Ispat Nigam Limited - India
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
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