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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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Friday, 22 November 19
FORTY PERCENT OF ADARO'S COAL SALES VOLUME IN 9M19 GOES TO THE SOUTHEAST ASIA REGION
PT Adaro Energy Tbk released its consolidated financial statements yesterday, for the nine month period, ending September 30, 2019.
...
Friday, 22 November 19
UNCERTAINTY IN THERMAL COAL MARKET PERSISTED IN 3Q19 - ADARO
Uncertainty in thermal coal market persisted in 3Q19, mainly due to the actions, or inactions, of China in setting policies for global coal market. ...
Friday, 22 November 19
CIL TO DEVELOP 55 NEW COAL MINES IN NEXT 5 YEARS: COAL MINISTER
State-owned CIL will develop 55 new coal mines and expand 193 existing ones in the next five years, Parliament was informed. The company is also un ...
Thursday, 21 November 19
4TH DEEP OFFSHORE WEST AFRICA CONGRESS 2020
4th Deep Offshore West Africa Congress 2020
17 Janaury 2020
Accra, Ghana
Press Release: Following the great succ ...
Thursday, 21 November 19
INDONESIA PLANS TO KEEP $70/T COAL PRICE CAP FOR PLN, DMO - REUTERS
Indonesia’s energy minister Arifin Tasrif said his ministry plans to maintain a price cap on coal being sold to state electricity utility, PT ...
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- Minerals Council of Australia
- Cigading International Bulk Terminal - Indonesia
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- Wilmar Investment Holdings
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
- Coalindo Energy - Indonesia
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- Maheswari Brothers Coal Limited - India
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- Central Electricity Authority - India
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- Carbofer General Trading SA - India
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- Madhucon Powers Ltd - India
- Orica Mining Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- Bhatia International Limited - India
- OPG Power Generation Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Bhoruka Overseas - Indonesia
- Indo Tambangraya Megah - Indonesia
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- Pendopo Energi Batubara - Indonesia
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- London Commodity Brokers - England
- IEA Clean Coal Centre - UK
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Cement Manufacturers Association - India
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Grasim Industreis Ltd - India
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- MS Steel International - UAE
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- Samtan Co., Ltd - South Korea
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- India Bulls Power Limited - India
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- Indika Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- White Energy Company Limited
- Latin American Coal - Colombia
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
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