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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, 13 November 19
INDONESIAN NOVEMBER COAL PRICE REFERENCE LOGS FIRST GAIN SINCE AUGUST
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised up the benchmark price of Indonesian thermal co ...
Wednesday, 13 November 19
SHIPPING MARKET INSIGHT - INTERMODAL
The improvements seen in the dry bulk market during the unexpectedly strong Q3 brought enthusiasm and optimism for a last quarter rally. Indeed as ...
Tuesday, 12 November 19
COAL IMPORTS AT MAJOR PORTS SLIP 18 PC TO 51 MT IN APRIL-OCTOBER - ECONOMIC TIMES
The Indian Ports Association (IPA), which maintains cargo data handled by these 12 ports, in its recent report, said "percentage variation fro ...
Monday, 11 November 19
EMINENT MARITIME ORGANIZATIONS AND INDIVIDUALS WERE HONORED
SHIPTEK 2019 Anchors in Greece for its 12th edition.
Eminent Maritime Organizations and Individuals were honored
Greec ...
Wednesday, 06 November 19
SHIPPING MARKET INSIGHT - INTERMODAL
With less than two months before the end of the year, the shipping and refining industries have already taken measures and invested to accommodate ...
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- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- Global Coal Blending Company Limited - Australia
- Siam City Cement PLC, Thailand
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Standard Chartered Bank - UAE
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- Coalindo Energy - Indonesia
- Vizag Seaport Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- Eastern Coal Council - USA
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- Sojitz Corporation - Japan
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- Baramulti Group, Indonesia
- Ministry of Transport, Egypt
- Anglo American - United Kingdom
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- Attock Cement Pakistan Limited
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- Meenaskhi Energy Private Limited - India
- Gujarat Sidhee Cement - India
- Australian Coal Association
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Billiton Holdings Pty Ltd - Australia
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- Semirara Mining and Power Corporation, Philippines
- SMC Global Power, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- SMG Consultants - Indonesia
- London Commodity Brokers - England
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- Central Electricity Authority - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Mercuria Energy - Indonesia
- Barasentosa Lestari - Indonesia
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