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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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Monday, 09 September 19
ULTRAMAX: ASIA A 58,000-TONNER FIXED DELIVERY FUZHOU, VIA INDONESIA, REDELIVERY CHINA, AT $12,800
Capesize
0px The market reached new heights this week as the 5TC topped $38,014, a level not seen in the sector since 2013. Fridays 5TC closed ...
Wednesday, 04 September 19
SHIPPING MARKET INSIGHT - INTERMODAL
For yet another time, the market seems to have its own drivers. After a very disappointing first half, the recent recovery in the shipping market i ...
Tuesday, 20 August 19
NORDEN HAS BEEN AWARDED A 3-YEAR CONTRACT FOR THE TRANSPORTATION OF COAL FROM INDONESIA TO HONG KONG
NORDEN has been awarded a 3-year contract with a power company in Hong Kong for the transportation of coal from Indonesia to Hong Kong.
...
Tuesday, 20 August 19
THE AUGUST 2019 INDONESIAN COAL PRICE REFERENCE POSTS THE FIRST MONTHLY GAIN SINCE AUGUST 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised up the benchmark price of Indonesian thermal co ...
Monday, 19 August 19
INDONESIAN COAL RUNS, A 82,000DWT SHIP WAS FIXED DELIVERY CHINA VIA INDONESIA, REDELIVERY JAPAN, IN THE MID $16,000S - BALTIC BRIEFING
Capesize
The Capesize market was buoyant in both basins this week, posting gains across the board. After bottoming out the previous week, rates ...
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Showing 1346 to 1350 news of total 6871 |
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- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- Ministry of Mines - Canada
- Attock Cement Pakistan Limited
- Semirara Mining and Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Posco Energy - South Korea
- Riau Bara Harum - Indonesia
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- The Treasury - Australian Government
- MS Steel International - UAE
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- Videocon Industries ltd - India
- Mercator Lines Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- London Commodity Brokers - England
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- White Energy Company Limited
- Georgia Ports Authority, United States
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- Independent Power Producers Association of India
- The State Trading Corporation of India Ltd
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
- Africa Commodities Group - South Africa
- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- Vedanta Resources Plc - India
- Meenaskhi Energy Private Limited - India
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- Minerals Council of Australia
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- PowerSource Philippines DevCo
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Eastern Energy - Thailand
- CIMB Investment Bank - Malaysia
- Australian Coal Association
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- Globalindo Alam Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
- SN Aboitiz Power Inc, Philippines
- Ministry of Transport, Egypt
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Straits Asia Resources Limited - Singapore
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
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