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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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Wednesday, 24 July 19
COAL'S DEMISE QUICKENS IN EUROPE AS MARKET SHIFT IDLES PLANTS - BLOOMBERG
Commodity markets are stripping away the case for coal in Europe, moving quicker than government efforts to close the most polluting power plants.
...
Monday, 22 July 19
SUPRAMAX: THE ASIAN ARENA SAW INCREASED ACTIVITY AND STRONGER NUMBERS BEING CONCLUDED; INDONESIAN ROUNDS REMAINED FIRM - BALTIC BRIEFING
Capesize
Another week of gains as the Atlantic basin continues to be pressurised on tonnage and Brazilian cargoes keep up a steady flow. The Ca ...
Thursday, 18 July 19
WORLD TRADE IN HARD COAL ROSE BY 4.7% IN 2018 - GERMANY COAL IMPORTERS ASSOCIATION
World Trade in Hard Coal Rose by 4.7% in 2018
Hard Coal Can Prevent Stress in the Electric Power System in Germany
• Sharp decl ...
Wednesday, 17 July 19
MARKET INSIGHT - INTERMODAL
The Strait of Hormuz is one of the most important waterways in the world, connecting crude producers in the Middle East with key markets in the res ...
Tuesday, 16 July 19
KING COAL RULES IN JAPAN AS POWER UTILITIES IN THRALL TO LOW-COST FUEL - REUTERS
Japanese utilities will rely on the return of coal-fired power plants from maintenance to meet peak electricity demand this summer, highlighting th ...
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- Salva Resources Pvt Ltd - India
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- Asmin Koalindo Tuhup - Indonesia
- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Kartika Selabumi Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- The University of Queensland
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- Minerals Council of Australia
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- Sindya Power Generating Company Private Ltd
- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- Africa Commodities Group - South Africa
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- OPG Power Generation Pvt Ltd - India
- Cement Manufacturers Association - India
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chettinad Cement Corporation Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- AsiaOL BioFuels Corp., Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- PTC India Limited - India
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- Kohat Cement Company Ltd. - Pakistan
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- Binh Thuan Hamico - Vietnam
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- Price Waterhouse Coopers - Russia
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Romanian Commodities Exchange
- Australian Coal Association
- India Bulls Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- Wilmar Investment Holdings
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- Deloitte Consulting - India
- Interocean Group of Companies - India
- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- Latin American Coal - Colombia
- Bhatia International Limited - India
- Electricity Authority, New Zealand
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