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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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Thursday, 24 October 19
AUSTRALIA'S HOPES TO EXPAND COAL EXPORTS IN SOUTH-EAST ASIA 'DELUSIONAL', EXPERTS SAY - THE GUARDIAN
The number of new coal-fired power plants starting construction across south-east Asia has fallen markedly over the past two years as Australia has ...
Thursday, 24 October 19
PANAMAX: NEGATIVE SENTIMENT IN THE MARKET AS IT CONTINUES TO WEAKEN - FEARNLEYS
Capesize
The market has continued to slide the last week, as lack of fresh requirements and a slight oversupply of tonnage heading towards Sout ...
Wednesday, 23 October 19
CHINA'S 2019 COAL IMPORTS SET TO RISE MORE THAN 10%: ANALYSTS - REUTERS
China, the world’s top coal buyer, is on track to boost imports of the fuel by more than 10% this year, traders and analysts said on Tuesday, ...
Wednesday, 23 October 19
SHIPPING MARKET INSIGHT - INTERMODAL
Moving closer to the end of the year, we are facing what the market was expecting for quite a while, the ship repair sector booming with the shipya ...
Tuesday, 22 October 19
DRY BULK: DESPITE THE DOWNWARD CORRECTION NOTED OVER THE PAST MONTH, RATES ARE STILL HOLDING OFF AT FAVORABLE LEVELS - ALLIED SHIPPING
Despite the downward correction that has been noted in the dry bulk market over the past month, rates are still holding off at favorable levels. Ev ...
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- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- International Coal Ventures Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- Savvy Resources Ltd - HongKong
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- Energy Link Ltd, New Zealand
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- Orica Australia Pty. Ltd.
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- Coal and Oil Company - UAE
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- Planning Commission, India
- Goldman Sachs - Singapore
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Australian Commodity Traders Exchange
- GVK Power & Infra Limited - India
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- Petron Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Wilmar Investment Holdings
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Oldendorff Carriers - Singapore
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Star Paper Mills Limited - India
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- PTC India Limited - India
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- Australian Coal Association
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Samtan Co., Ltd - South Korea
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Aditya Birla Group - India
- TeaM Sual Corporation - Philippines
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- PNOC Exploration Corporation - Philippines
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- Economic Council, Georgia
- Sinarmas Energy and Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Commonwealth Bank - Australia
- The University of Queensland
- Neyveli Lignite Corporation Ltd, - India
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Therma Luzon, Inc, Philippines
- Aboitiz Power Corporation - Philippines
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