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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, 04 December 19
FITCH RATINGS: CASH FLOW GENERATION TO SLOW DOWN FOR INDONESIAN COAL MINERS
Fitch Ratings' negative outlook on the Indonesian coal-mining sector reflects our view of weaker cash flow generation on account of declining c ...
Wednesday, 04 December 19
SHIPPING MARKET INSIGHT - INTERMODAL
Dry bulk freight rates rebounded last week, a development that came as a relief following the recent negative sentiment that prevailed in the marke ...
Wednesday, 04 December 19
INDONESIA REVIEWING RULES MANDATING COAL SALES TO LOCAL BUYERS: OFFICIAL - REUTERS
Indonesia is reviewing rules that require coal miners to sell a portion of their coal to local buyers, a government official said on Monday, as sup ...
Tuesday, 03 December 19
STABILITY AND COMPATIBILITY OF VERY LOW SULPHUR FUEL OILS - GARD
In order to meet increasing restrictions on the sulphur content in marine fuel as defined by MARPOL Annex VI Regulation 14.1.3, the characteristics ...
Monday, 02 December 19
COAL PRODUCTION IN INDIA UP BY 164.58 MT IN 5 YEARS - BUSINESS LINE
Raw coal production in the country has increased from 567.77 million tons (MT) in 2013-14 to 730.35 MT in 2018-19, Union Coal and Parliamentary Aff ...
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- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- Videocon Industries ltd - India
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- The Treasury - Australian Government
- Thiess Contractors Indonesia
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- Bhatia International Limited - India
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- Mercator Lines Limited - India
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- The State Trading Corporation of India Ltd
- Central Java Power - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- Singapore Mercantile Exchange
- Economic Council, Georgia
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- Semirara Mining Corp, Philippines
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Sakthi Sugars Limited - India
- Altura Mining Limited, Indonesia
- London Commodity Brokers - England
- PTC India Limited - India
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- White Energy Company Limited
- Central Electricity Authority - India
- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Meenaskhi Energy Private Limited - India
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Commodity Traders Exchange
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Planning Commission, India
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- Global Business Power Corporation, Philippines
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- Petron Corporation, Philippines
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- ICICI Bank Limited - India
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- Posco Energy - South Korea
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- Mercuria Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Vedanta Resources Plc - India
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
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