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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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Wednesday, 25 December 19
COVER FOR WAR AND TERRORISM RISKS, AND COVER IN RESPECT OF BIOLOGICAL AND BIO-CHEMICAL WEAPONS - 2020 POLICY YEAR: AMERICAN CLUB
KNOWLEDGE TO ELEVATE
This Circular describes the arrangements which have been made to provide special cover for war and terrorism risks, and c ...
Wednesday, 25 December 19
EXHAUST GAS CLEANING SYSTEMS (SCRUBBER) GUIDANCE - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
In a few weeks, IMO’s ‘global sulphur cap’ will take effect. The permitted levels of SOx in ship emissi ...
Wednesday, 25 December 19
INDONESIAN BUKIT ASAM TARGETS TO MINE 30 MLN T OF COAL IN 2020 - REUTERS
Indonesian state-owned coal miner PT Bukit Asam targets to produce around 30 million tonnes of coal in 2020, compared with an estimate of 28.5 mill ...
Wednesday, 25 December 19
SHIPPING MARKET INSIGHT - INTERMODAL
As another year in the shipping industry is coming to an end, it is interesting to look at the dry bulk and tanker markets and how these performed ...
Monday, 23 December 19
VLSFO PRICING & AVAILABILITY NEEDS CAREFUL WATCHING - INTEGR8 FUELS
As we approach January 1st 2020 , the VLSFO price premium to HSFO has widened considerably
We are clearly well into the IMO 2020 transition; ch ...
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- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- The University of Queensland
- CIMB Investment Bank - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- VISA Power Limited - India
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- ICICI Bank Limited - India
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Barasentosa Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Planning Commission, India
- Tata Chemicals Ltd - India
- GAC Shipping (India) Pvt Ltd
- Trasteel International SA, Italy
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- Altura Mining Limited, Indonesia
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- Indogreen Group - Indonesia
- Sakthi Sugars Limited - India
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- The Treasury - Australian Government
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- Indonesian Coal Mining Association
- Kobexindo Tractors - Indoneisa
- Wilmar Investment Holdings
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- Indian Energy Exchange, India
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- Riau Bara Harum - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Semirara Mining and Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petron Corporation, Philippines
- Port Waratah Coal Services - Australia
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- International Coal Ventures Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Eastern Energy - Thailand
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Goldman Sachs - Singapore
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Parry Sugars Refinery, India
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- Marubeni Corporation - India
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- PowerSource Philippines DevCo
- Economic Council, Georgia
- Ministry of Mines - Canada
- Coal and Oil Company - UAE
- SMG Consultants - Indonesia
- Karaikal Port Pvt Ltd - India
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- Formosa Plastics Group - Taiwan
- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Chettinad Cement Corporation Ltd - India
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Uttam Galva Steels Limited - India
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- Cement Manufacturers Association - India
- Coastal Gujarat Power Limited - India
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Malabar Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
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