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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, 18 October 19
SINGAPORE'S APEX TO LAUNCH LOW-SULFUR FUEL OIL CONTRACT AHEAD OF NEW SHIPPING RULES - REUTERS
Singapore-based Asia Pacific Exchange (APEX) will launch a low-sulfur fuel oil (LSFO) futures contract on Friday aimed at helping shipping and ener ...
Thursday, 17 October 19
INDIA READIES POLICY TO ATTRACT FOREIGN INVESTMENT IN COAL MINING - REUTERS
India expects to have formulated a policy within the next two weeks to attract foreign investment to its coal mining industry, the country’s ...
Wednesday, 16 October 19
INDIA CALLS FOR A RESET OF CLIMATE DEBATE ON COAL AS A FUEL - LIVEMINT
India on Tuesday called for a reset on climate debate on coal as a fuel, in the backdrop of India becoming one of the top renewable energy producer ...
Wednesday, 16 October 19
LESSONS LEARNT FROM CREW INJURED IN HEAVY WEATHER - UK P&I CLUB COMMENTS
KNOWLEDGE TO ELEVATE
Stuart Edmonston, Loss Prevention at UK P&I Club, discusses an incident in which crew were injured whilst on deck in ...
Wednesday, 16 October 19
SHIPPING MARKET INSIGHT - INTERMODAL
In perhaps the most interesting market conditions of the past years, the tanker and the dry bulk industry have created a positive sentiment with re ...
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- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- Xindia Steels Limited - India
- ASAPP Information Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- Rashtriya Ispat Nigam Limited - India
- Energy Link Ltd, New Zealand
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- Thiess Contractors Indonesia
- Krishnapatnam Port Company Ltd. - India
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Cement Manufacturers Association - India
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- Deloitte Consulting - India
- Eastern Coal Council - USA
- Chamber of Mines of South Africa
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Gujarat Sidhee Cement - India
- Bukit Makmur.PT - Indonesia
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- Australian Coal Association
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- Bharathi Cement Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- London Commodity Brokers - England
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Central Electricity Authority - India
- Cigading International Bulk Terminal - Indonesia
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- The University of Queensland
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Commonwealth Bank - Australia
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- PowerSource Philippines DevCo
- VISA Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Lanco Infratech Ltd - India
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