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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, 16 July 19
SUPRAMAX: THE ASIAN ARENA WAS SPLIT, WITH A BUILD-UP OF TONNAGE AND LACK OF ENQUIRY IN THE NORTH - BALTIC BRIEFING
Capesize
It was a Brazilian affair with a strong splash of bunkers characterising the Capesize market over the past week. Largely traded in Eur ...
Wednesday, 10 July 19
KOREA SOUTH-EAST POWER INVITES BIDS FOR HCV AND LCV COAL FOR AUGUST 2019 LOADING
COALspot.com: South Korea’s Korea South-East Power Co., Ltd. (KOEN) has issued an international tender for total 460,000 to 500,000 Metric To ...
Wednesday, 10 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
In contrast with the general expectations for the dry bulk market, the sector was not positive or even stable during the past 6 months. The warning ...
Monday, 08 July 19
INDONESIAN COAL PRICE REFERENCE POSTS BIGGEST MONTHLY LOSS SINCE JANUARY 2017
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
Monday, 08 July 19
ULTRAMAX: A 52,000-TONNER OPEN CJK FIXED FOR A TRIP VIA INDONESIA WITH RE-DELIVERY CHINA AT $6,100 - BALTIC BRIEFING
Capesize
The Capesize market surged over the past week, reaching highs not seen since August last year. Widespread activity in both basins saw ...
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- ASAPP Information Group - India
- Antam Resourcindo - Indonesia
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- IEA Clean Coal Centre - UK
- Straits Asia Resources Limited - Singapore
- Bangladesh Power Developement Board
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- GMR Energy Limited - India
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Wilmar Investment Holdings
- Oldendorff Carriers - Singapore
- Ministry of Mines - Canada
- Indian Oil Corporation Limited
- Altura Mining Limited, Indonesia
- Tata Chemicals Ltd - India
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- OPG Power Generation Pvt Ltd - India
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Medco Energi Mining Internasional
- Economic Council, Georgia
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- The University of Queensland
- Mercuria Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- McConnell Dowell - Australia
- Borneo Indobara - Indonesia
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- PTC India Limited - India
- Renaissance Capital - South Africa
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- Aditya Birla Group - India
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- India Bulls Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Eastern Energy - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- Chamber of Mines of South Africa
- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- Petron Corporation, Philippines
- Parliament of New Zealand
- Semirara Mining and Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
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