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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, 19 December 19
COAL POWER GENERATION CONTINUES TO DECLINE IN GERMANY: DESTATIS, XINHUA REPORTED
The volume of electricity generated in coal-fired power plants in Germany decreased “markedly” by 37 percent to 34 billion kilowatt-hou ...
Thursday, 19 December 19
BANGLADESH'S NBR CUTS VAT ON COAL IMPORT FOR POWER PLANTS - THE DAILY STAR
The National Board of Revenue (NBR) reduced value added tax on the import of coal for power plants to 5 percent from present 15 percent for five ye ...
Wednesday, 18 December 19
AVERAGE PRICES OF COAL IN 2018 WERE MORE THAN 60% HIGHER THAN IN 2016 - IEA
Coal use grew again in 2018.
Global coal demand increased by 1.1%, continuing the rebound that began in 2017 after three years of decline ...
Wednesday, 18 December 19
ASIA IS SET TO SUPPORT GLOBAL COAL DEMAND FOR THE NEXT FIVE YEARS - IEA
Press Release: Global coal demand is expected to decline in 2019 but remain broadly stable over the next five years, supported by robust growth in ...
Wednesday, 18 December 19
SHIPPING MARKET INSIGHT - INTERMODAL
As we all know very well by now, the reduction in the maximum allowable sulphur content of marine fuels in 2020 is likely to have a massive impact ...
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- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- Wood Mackenzie - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- Kartika Selabumi Mining - Indonesia
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- VISA Power Limited - India
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Australian Coal Association
- Eastern Energy - Thailand
- SMC Global Power, Philippines
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tata Chemicals Ltd - India
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- European Bulk Services B.V. - Netherlands
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- Romanian Commodities Exchange
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Directorate Of Revenue Intelligence - India
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Mintek Dendrill Indonesia
- Vedanta Resources Plc - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- Borneo Indobara - Indonesia
- Rio Tinto Coal - Australia
- Siam City Cement - Thailand
- Parliament of New Zealand
- Cement Manufacturers Association - India
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- Thiess Contractors Indonesia
- Planning Commission, India
- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- Intertek Mineral Services - Indonesia
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Jaiprakash Power Ventures ltd
- AsiaOL BioFuels Corp., Philippines
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- ASAPP Information Group - India
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- Dalmia Cement Bharat India
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- Ceylon Electricity Board - Sri Lanka
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- Electricity Authority, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bangladesh Power Developement Board
- Trasteel International SA, Italy
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- Rashtriya Ispat Nigam Limited - India
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Ministry of Transport, Egypt
- OPG Power Generation Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- Bhatia International Limited - India
- Indian Oil Corporation Limited
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- White Energy Company Limited
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
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