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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, 17 September 19
THE DRY BULK FREIGHT MARKET IS ALREADY ON A DOWNWARD CORRECTION - ALLIED
Here we are again, just a breath before the final quarter of the year. Under typical circumstances and on the basis of what we have seen during the ...
Monday, 16 September 19
COLOMBIAN COAL PRODUCTION TO FALL 5% THIS YEAR, MINING GROUP SAYS - REUTERS
Colombia’s coal production will decline to around 80 million tonnes in 2019, nearly 5% below last year’s, because of low prices and dro ...
Monday, 16 September 19
THE COAL-D SHOULDER? - BALTIC EXCHANGE
Good fortune and the number 13 don’t usually go hand in hand, but when it comes to coal, 2013 actually seems to have been the commodity&rsquo ...
Monday, 16 September 19
SCRUBBERS AND FUEL PROFIT SHARE CLAUSES - CLYDE&CO
From 1 January 2020, Regulation 14 of MARPOL Annex VI provides that the sulphur content in fuel oil used on board ships shall be reduced from a max ...
Monday, 16 September 19
KOREA SOUTH-EAST POWER INVITES BIDS FOR MAX 1,290,000 METRIC TONS OF STEAMING COAL
COALspot.com: South Korea’s Korea East-West Power Co. Ltd has issued an international tender for total 1,290,000 Metric Tons steam coal.
...
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- Miang Besar Coal Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Trasteel International SA, Italy
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- SMC Global Power, Philippines
- Minerals Council of Australia
- Deloitte Consulting - India
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- Cement Manufacturers Association - India
- Chettinad Cement Corporation Ltd - India
- Coalindo Energy - Indonesia
- Mintek Dendrill Indonesia
- Australian Coal Association
- Dalmia Cement Bharat India
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- Krishnapatnam Port Company Ltd. - India
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- Tata Chemicals Ltd - India
- White Energy Company Limited
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Anglo American - United Kingdom
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- Commonwealth Bank - Australia
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- Makarim & Taira - Indonesia
- Mercator Lines Limited - India
- Globalindo Alam Lestari - Indonesia
- Planning Commission, India
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Aditya Birla Group - India
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- Independent Power Producers Association of India
- London Commodity Brokers - England
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- South Luzon Thermal Energy Corporation
- Karaikal Port Pvt Ltd - India
- Sakthi Sugars Limited - India
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- Bayan Resources Tbk. - Indonesia
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- ICICI Bank Limited - India
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Energy Link Ltd, New Zealand
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PowerSource Philippines DevCo
- Energy Development Corp, Philippines
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