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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, 29 May 19
SHIPPING MARKET INSIGHT - INTERMODAL
Reflecting on the first quarter of 2019, the product tanker market was healthy, with average earnings significantly up compared to the first quarte ...
Sunday, 26 May 19
SUPRAMAX: A LIMITED ACTIVITY WAS REPORTED, WITH THE UPCOMING INDONESIAN HOLIDAYS SLOWING COAL MOVEMENTS - BALTIC BRIEFING
Capesize
The past week marked one of the busier periods for Capesizes this year. With a subdued start due to a public holiday in Singapore on M ...
Wednesday, 22 May 19
SHIPPING MARKET INSIGHT - INTERMODAL
The ship repair sector is showing a constant and gradual increase on the workload throughout the past months, with almost all the shipyards worldwi ...
Saturday, 18 May 19
SUPRAMAX: 56,000DWT OPEN PANJANG FIXING AT $10,500 FOR A TRIP VIA INDONESIA, AND REDELIVERY CHINA - BALTIC EXCHANGE
Capesize
The market continues to ebb and flow with a generally positive up trend. The Capesize 5TC opened with upward momentum from last week&r ...
Friday, 17 May 19
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
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Showing 1396 to 1400 news of total 6871 |
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- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- Borneo Indobara - Indonesia
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Indika Energy - Indonesia
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- Central Electricity Authority - India
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- The University of Queensland
- Oldendorff Carriers - Singapore
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- Indian Oil Corporation Limited
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- Planning Commission, India
- Antam Resourcindo - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- Port Waratah Coal Services - Australia
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- Agrawal Coal Company - India
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Ministry of Mines - Canada
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Minerals Council of Australia
- Madhucon Powers Ltd - India
- Wilmar Investment Holdings
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- Bhushan Steel Limited - India
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Transport, Egypt
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- PTC India Limited - India
- Mercuria Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Coal and Oil Company - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Romanian Commodities Exchange
- LBH Netherlands Bv - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- Indian Energy Exchange, India
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- Directorate Of Revenue Intelligence - India
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- MS Steel International - UAE
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
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