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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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Monday, 18 November 19
SUPRAMAX: IN THE INDONESIAN COAL BUSINESS, A 58KDWT VESSEL FIXED DELIVERY PHILIPPINES, REDELIVERY INDIA AT CLOSE TO $8,000 - BALTIC BRIEFING
Capesize
For most of the week the rates were nudging up under a flurry of activity in the Pacific as levels for the West Australia to China C5 ...
Saturday, 16 November 19
LIFE AFTER FOSSIL FUELS: THE DAYS OF OIL AND COAL TRANSPORTATION ARE NUMBERED - BALTIC EXCHANGE
With the world fiercely focused on a decarbonised future, fossil fuel movers and traders might rightly be reconsidering their future. But cast a wi ...
Saturday, 16 November 19
OIL MARKET REPORT: PAUSING TO REFLECT - IEA
Global oil demand in 3Q19 increased by 1.1 mb/d year-on-year (y-o-y), more than double the 435 kb/d seen in 2Q19. China’s demand increased by ...
Friday, 15 November 19
RISING ENERGY DEMAND IN SOUTHEAST ASIA TO BE MET AND SUPPORTED BY COAL - WORLD COAL
Last week the International Energy Agency (IEA) released its semi-annual Southeast Asia Energy Outlook report which outlines the latest insights in ...
Thursday, 14 November 19
EIA EXPECTS U.S. STEAM COAL EXPORTS TO FACE INCREASING COMPETITION FROM EASTERN EUROPEAN SOURCES
EIA expects total U.S. coal production in 2019 to total 698 million short tons (MMst), an 8% decrease from the 2018 level of 756 MMst. The decline ...
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- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Australian Coal Association
- Power Finance Corporation Ltd., India
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- PetroVietnam Power Coal Import and Supply Company
- London Commodity Brokers - England
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- Siam City Cement - Thailand
- Parry Sugars Refinery, India
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- Videocon Industries ltd - India
- Mercator Lines Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Essar Steel Hazira Ltd - India
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Orica Mining Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Minerals Council of Australia
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Chamber of Mines of South Africa
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- Bayan Resources Tbk. - Indonesia
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- CNBM International Corporation - China
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Xindia Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Indian Oil Corporation Limited
- Sree Jayajothi Cements Limited - India
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- Interocean Group of Companies - India
- Ambuja Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Standard Chartered Bank - UAE
- The University of Queensland
- Posco Energy - South Korea
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
- Orica Australia Pty. Ltd.
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
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