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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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Saturday, 30 November 19
IMO2020 GLOBAL SULPHUR CUT: GERMAN SHIPPING TO USE NEW TYPE OF FUEL VDR SURVEY
IMO2020 Global sulphur cut: German shipping to use new type of fuel VDR survey: Technical issues and costs are the biggest challenges - VDR
&nb ...
Saturday, 30 November 19
PANAMAX: LEVELS IMPROVED IN THE PACIFIC MARKET TOO WITH $11,000 BEING CONCLUDED ON AN 81,000DWT SHIP FOR AN INDONESIA TO CHINA COAL TRIP - BALTIC BRIEFING
Capesize
The market has been well supported over the past week, led primarily by the Atlantic Basin. After bottoming last week, sentiment was s ...
Friday, 29 November 19
FITCHRATINGS MAINTAINS NEGATIVE 2020 OUTLOOK ON SHIPPING, AS TIGHTER SUPPLY HELPS, BUT SOFTER DEMAND DRAGS
Fitch’s Sector Outlook: Negative
We maintain a negative sector outlook for global shipping because of the forecast slowdown of ...
Friday, 29 November 19
INDONESIA PRODUCES 390 MLN TONNES OF COAL IN JAN-SEPT: MINISTER - REUTERS
Indonesia’s production of coal for the January-September period was 390 million tonnes, Energy and Mineral Resources Minister Arifin Tasrif s ...
Wednesday, 27 November 19
SHIPPING MARKET INSIGHT - INTERMODAL
As the end of the fourth quarter is approaching, one could say that the wet market has maintained the strong pace observed during the third qu ...
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- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- Bhushan Steel Limited - India
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- Minerals Council of Australia
- Timah Investasi Mineral - Indoneisa
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PTC India Limited - India
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- PNOC Exploration Corporation - Philippines
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- Miang Besar Coal Terminal - Indonesia
- India Bulls Power Limited - India
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Grasim Industreis Ltd - India
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- Central Electricity Authority - India
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Oldendorff Carriers - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- Australian Coal Association
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mjunction Services Limited - India
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- Thai Mozambique Logistica
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Marubeni Corporation - India
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- Baramulti Group, Indonesia
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- McConnell Dowell - Australia
- Videocon Industries ltd - India
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- The University of Queensland
- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- Riau Bara Harum - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
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