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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, 03 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
The global shipping industry is facing numerous challenges at a time when geopolitical turmoil has escalated in view of the recent tension in the M ...
Monday, 01 July 19
COAL DEMAND RISES, BUT REMAINS BELOW PEAK LEVELS - FORBES
This article is the third in a series on BP’s recently-released Statistical Review of World Energy 2019. The Review provides a comprehensive ...
Saturday, 29 June 19
ULTRAMAX: FROM SOUTHEAST ASIA MORE COAL WAS ENTERING THE MARKET - BALTIC BRIEFING
Capesize
The market showed variability over the past week, as most routes were active yet sentiment differed from region to region. The Pacific ...
Wednesday, 26 June 19
SHIPPING MARKET INSIGHT - INTERMODAL
As the first half of the year is almost over, it is worth looking back at the sale and purchase activity during these months, focusing on the segme ...
Tuesday, 25 June 19
THERMAL COAL FUTURES ON THE ZHENGSHOU EXCHANGE ROSE - DANIEL HYNES
Coal markets were buoyed by ongoing supply side issues.
According to Daniel Hynes, Senior Commodity Strategist of ANZ, the the ...
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- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- Bukit Makmur.PT - Indonesia
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- Videocon Industries ltd - India
- Minerals Council of Australia
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parry Sugars Refinery, India
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- Sree Jayajothi Cements Limited - India
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Petron Corporation, Philippines
- Lanco Infratech Ltd - India
- Central Electricity Authority - India
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- Kobexindo Tractors - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Thai Mozambique Logistica
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- Goldman Sachs - Singapore
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- Planning Commission, India
- ASAPP Information Group - India
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- PowerSource Philippines DevCo
- Tamil Nadu electricity Board
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- IHS Mccloskey Coal Group - USA
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Posco Energy - South Korea
- Rio Tinto Coal - Australia
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- Trasteel International SA, Italy
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- Coalindo Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Therma Luzon, Inc, Philippines
- White Energy Company Limited
- Georgia Ports Authority, United States
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Independent Power Producers Association of India
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Eastern Coal Council - USA
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement - Thailand
- CNBM International Corporation - China
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- Marubeni Corporation - India
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- Port Waratah Coal Services - Australia
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Bukit Asam (Persero) Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- The University of Queensland
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- Coal and Oil Company - UAE
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- Wood Mackenzie - Singapore
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- SMC Global Power, Philippines
- PTC India Limited - India
- Bhoruka Overseas - Indonesia
- London Commodity Brokers - England
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- ICICI Bank Limited - India
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
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