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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, 20 November 19
FOREIGN DIRECT INVESTMENTS IN COMMERCIAL COAL MINING IN INDIA? - DIPESH DIPU
In August 2019, Government of India announced its approval for Foreign Direct Investment (FDI) for coal mining, processing and sale. Not that FDI i ...
Wednesday, 20 November 19
AUSTRALIA'S NEW HOPE POSTS 66% SURGE IN Q1 SALEABLE COAL OUTPUT - REUTERS
Australian coal producer New Hope Corp Ltd reported on Tuesday a 66% jump in saleable coal production in the first quarter, as output ramped up at ...
Wednesday, 20 November 19
THE IMO AND THE PRICE OF GAS OR THE IMPACT OF THE INTERNATIONAL MARITIME ORGANISATION'S SULPHUR 2020 LIMIT FOR MARINE FUEL OIL ON THE PRICE OF GAS - KING & SPALDING
The main bunker fuel for ships is High Sulphur Fuel Oil (HSFO, with sulphur up to 3.5% m/m (mass by mass)). This will all change on 1 January 2020 ...
Wednesday, 20 November 19
SHIPPING MARKET INSIGHT - INTERMODAL
While the market expects the next OPEC meeting, there are still no clear signs indicating that the organization will keep supporting oil prices, wh ...
Monday, 18 November 19
CHINA RECORDS STABLE COAL PRODUCTION IN JAN-OCT: XINHUA
China’s raw coal output registered stable growth in the first 10 months, while its imports remained robust, official data showed.
...
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- MS Steel International - UAE
- Uttam Galva Steels Limited - India
- Samtan Co., Ltd - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- PTC India Limited - India
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Krishnapatnam Port Company Ltd. - India
- Global Green Power PLC Corporation, Philippines
- Mercuria Energy - Indonesia
- The Treasury - Australian Government
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- London Commodity Brokers - England
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- Videocon Industries ltd - India
- White Energy Company Limited
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- Meralco Power Generation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- Cigading International Bulk Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
- CNBM International Corporation - China
- Deloitte Consulting - India
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Karaikal Port Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- GMR Energy Limited - India
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Australian Coal Association
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- Renaissance Capital - South Africa
- Indika Energy - Indonesia
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