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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, 17 December 19
AUSTRALIA ENERGY MARKET OPERATOR TURNS SCROOGE ON COAL LOBBY: RUSSELL
Australia, which vies with Indonesia for the title of the world’s largest coal exporter, is planning for an electricity future where use of t ...
Tuesday, 17 December 19
BACK TO FUTURE FOR BUSH AS AUSTRALIA CONSIDERS MOVING AWAY FROM COAL NEWCASTLE - HERALD
Looking backwards could show the way forward for regional communities planning for a future beyond mining.
One of Australia’s ...
Tuesday, 17 December 19
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.01 PCT - XINHUA
China Taiyuan coal transaction price index stood at 133.16 points, down 0.01 percent week on week.
The index, released by China Taiy ...
Tuesday, 17 December 19
YEAR 2019: IT IS LOOKING SET THAT THIS YEAR WILL BE ONE OF THE SLOWEST IN TERMS OF DRY BULK NEWBUILDING ACTIVITY - ALLIED
With just two weeks remaining before 2019 comes to an end, it is now looking set that this year will be one of the slowest in terms of dry bulk new ...
Monday, 16 December 19
ULTRAMAX: A 63,000DWT SHIP FIXING DELIVERY FOR A SINGAPORE TRIP VIA INDONESIA, FOR RE-DELIVERY TO CHINA AT $11,000 - BALTIC BRIEFING
Capesize
It was one-way traffic for the Capesize market this past week, with all routes giving up value. While downward momentum may have slowe ...
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- Ind-Barath Power Infra Limited - India
- MS Steel International - UAE
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- Australian Commodity Traders Exchange
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Essar Steel Hazira Ltd - India
- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Chamber of Mines of South Africa
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- Metalloyd Limited - United Kingdom
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- Banpu Public Company Limited - Thailand
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- PTC India Limited - India
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- The Treasury - Australian Government
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Kumho Petrochemical, South Korea
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- Bulk Trading Sa - Switzerland
- Posco Energy - South Korea
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- Dalmia Cement Bharat India
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- Electricity Generating Authority of Thailand
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- Parliament of New Zealand
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Authority, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Manunggal Multi Energi - Indonesia
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- White Energy Company Limited
- PetroVietnam Power Coal Import and Supply Company
- Therma Luzon, Inc, Philippines
- Madhucon Powers Ltd - India
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- PowerSource Philippines DevCo
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- Thai Mozambique Logistica
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