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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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Tuesday, 15 October 19
INDIA READIES POLICY TO ATTRACT FOREIGN INVESTMENT IN COAL MINING - REUTERS
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Sunday, 13 October 19
INDONESIA: PANAMAX VESSELS OPEN SOUTH CHINA WERE REPORTEDLY FIXED AT $14,000 LEVEL, WITH REDELIVERY BACK IN CHINA - BALTIC BRIEFING
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Friday, 11 October 19
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Friday, 11 October 19
THE OCTOBER BENCHMARK PRICE OF INDONESIAN THERMAL COAL DECLINES TO LOWEST SINCE OCTOBER 2016
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
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- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- Anglo American - United Kingdom
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Vedanta Resources Plc - India
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- Ministry of Transport, Egypt
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- Planning Commission, India
- Bangladesh Power Developement Board
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- India Bulls Power Limited - India
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- GMR Energy Limited - India
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- PowerSource Philippines DevCo
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- Deloitte Consulting - India
- Bhatia International Limited - India
- Siam City Cement - Thailand
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- Bhushan Steel Limited - India
- Electricity Authority, New Zealand
- PTC India Limited - India
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- The State Trading Corporation of India Ltd
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Indian Oil Corporation Limited
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
- ICICI Bank Limited - India
- Manunggal Multi Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- Oldendorff Carriers - Singapore
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- Lanco Infratech Ltd - India
- Essar Steel Hazira Ltd - India
- Mercator Lines Limited - India
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Orica Australia Pty. Ltd.
- The University of Queensland
- Salva Resources Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- Iligan Light & Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Attock Cement Pakistan Limited
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