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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, 09 June 19
SUPRAMAX: ASIA LOST GROUND; THE INDIAN OCEAN SAW SLOWER ACTIVITY - BALTIC BRIEFING
Capesize
The market continued in an unusually steady ascent last week. With no major news in the market, each day improved on the last, breakin ...
Friday, 07 June 19
KOEN INVITED BIDS FOR 1.87 MILLION TONS OF COAL FOR JULY - OCTOBER 2019 DELIVERY
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 1,700,000 to 1,870,000 Metric Tons ...
Wednesday, 05 June 19
SHIPPING MARKET INSIGHT - INTERMODAL
The first semester of 2019 started as a fairly positive semester for the offshore sector whilst there was a recovery on crude prices, as well as a ...
Tuesday, 04 June 19
MARPOL ANNEX VI - SULPHUR CAP 2020 - DEMYSTIFYING THE FONAR - SKULD
KNOWLEDGE TO ELEVATE
Fuel Oil Non-Availability Report (FONAR) is primarily a discretionary tool for a Member State to lessen the breach of MAR ...
Monday, 03 June 19
SUPRAMAX: A 61,000 TONNER OPEN NORTH CHINA, FIXING A TRIP VIA INDONESIA, REDELIVERY SOUTHEAST ASIA AT $7,500 - BALTIC BRIEFING
Capesize
The market continued its steady ascent over the past week to improved levels. The TC average opened the previous week at $12,243 and c ...
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- Edison Trading Spa - Italy
- International Coal Ventures Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Borneo Indobara - Indonesia
- Thai Mozambique Logistica
- SMC Global Power, Philippines
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Banpu Public Company Limited - Thailand
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- Siam City Cement - Thailand
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- Romanian Commodities Exchange
- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kapuas Tunggal Persada - Indonesia
- Mintek Dendrill Indonesia
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- The Treasury - Australian Government
- Aditya Birla Group - India
- MS Steel International - UAE
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- Savvy Resources Ltd - HongKong
- Kideco Jaya Agung - Indonesia
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- Directorate General of MIneral and Coal - Indonesia
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
- Therma Luzon, Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- CIMB Investment Bank - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- The State Trading Corporation of India Ltd
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- IHS Mccloskey Coal Group - USA
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Coal and Oil Company - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- Intertek Mineral Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- Wilmar Investment Holdings
- Miang Besar Coal Terminal - Indonesia
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Global Business Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- London Commodity Brokers - England
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- Australian Coal Association
- Carbofer General Trading SA - India
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- White Energy Company Limited
- Heidelberg Cement - Germany
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Posco Energy - South Korea
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- Riau Bara Harum - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- VISA Power Limited - India
- CNBM International Corporation - China
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- Ministry of Mines - Canada
- Attock Cement Pakistan Limited
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- The University of Queensland
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Economic Council, Georgia
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- Standard Chartered Bank - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- McConnell Dowell - Australia
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
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