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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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Sunday, 11 August 19
ULTRAMAX: A 58,000DWT VESSEL OPEN KEMAMAN FIXED FOR TWO TO THREE LADEN LEGS, REDELIVERY SINGAPORE-JAPAN, AT $12,250 - BALTIC BRIEFING
Capesize
With typhoon Lekima gathering pace, numerous China ports were closed by the end of the week and will likely be for two to three days. ...
Tuesday, 06 August 19
SHIPPING MARKET INSIGHT - INTERMODAL
On the 12th of May four tankers were attacked near the coast of Fujairah. The tankers hit were waiving international flags such as that of No ...
Monday, 05 August 19
SUPRAMAX: COAL FROM INDONESIA TO CHINA PAID AT MID $8,000S ON A 57,000-TONNER DELIVERY SOUTH CHINA - BALTIC BRIEFING
Capesize
Having hit a high of $32,963 early last week, the Capesize 5TC now stands at $25,749. This is over 20% of its value lost in 10 days. C ...
Thursday, 01 August 19
PANAMAX: THE SENTIMENT IN THE MARKET IS STILL POSITIVE FOR THE LONGER TERM - FEARNLEYS
Capesize
Two weeks ago the 5TC index was at 33,000 USD pd. Since then it has fallen off a bit and has stayed around 27,000 USD pd the last week ...
Thursday, 01 August 19
INDIKA ENERGY REVENUES DECLINE DUE TO LOW COAL PRICES
One of the largest Indonesian integrated energy companies PT Indika Energy Tbk posted revenues of US $ 1,380.4 million, down 4.6% compared to US $ ...
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- Makarim & Taira - Indonesia
- TeaM Sual Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- Star Paper Mills Limited - India
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- Mercator Lines Limited - India
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- Bhoruka Overseas - Indonesia
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- Xindia Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- Petron Corporation, Philippines
- Minerals Council of Australia
- Bhatia International Limited - India
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
- Dalmia Cement Bharat India
- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- Indonesian Coal Mining Association
- New Zealand Coal & Carbon
- Sakthi Sugars Limited - India
- Africa Commodities Group - South Africa
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- Orica Mining Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Asmin Koalindo Tuhup - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- Australian Coal Association
- Borneo Indobara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- White Energy Company Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- McConnell Dowell - Australia
- Carbofer General Trading SA - India
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- Attock Cement Pakistan Limited
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Siam City Cement - Thailand
- Larsen & Toubro Limited - India
- Pendopo Energi Batubara - Indonesia
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- Parliament of New Zealand
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- Planning Commission, India
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Jindal Steel & Power Ltd - India
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coalindo Energy - Indonesia
- Aboitiz Power Corporation - Philippines
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