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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 $9.0m.
It is clear that the current asset prices are at a 2-year low. How much further down they can go remains to be seen. Tankers at current prices are definitely the segment that owners and investors should be looking at. While no one is a prophet, you can’t go wrong with the age-old adage of “buy low; sell high”.
By Konstantinos Kontomichis
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Thursday, 16 May 19
SUPRAMAX: INDO/CHINA COAL RV TRADING AROUND US$ 9,000 BSS S.CHINA DELIVERY - FEARNLEYS
Capesize
This volatile segment is trying to find a clear direction from the present US$ 12,000/day earnings for standard units says Fearnleys W ...
Wednesday, 15 May 19
SHIPPING MARKET INSIGHT - THEODORE NTALAKOS
Modern warfare - Trade wars & sanctions
As of May 1st, the U.S. has ended waivers to the sanctions that had allowed the top buyers of Irani ...
Monday, 13 May 19
INDONESIAN COAL PRICE REFERENCE CONTINUES TO FALL
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Monday, 13 May 19
SUPRAMAX: SOUTHEAST ASIA THE MARKET SAW BETTER DEMAND - BALTIC BRIEFING
Cape
The market continued its rollercoaster ride last week opening with negative sentiment, but turning around in dramatic fashion by the week& ...
Thursday, 09 May 19
DEEP OFFSHORE SOUTHEAST ASIA CONGRESS 2019
Deep Offshore Southeast Asia Congress 2019
Event Date:2-3th July. 2019t
Location: Jakarta, Indonesia
Sarawak Shell Berhad (S ...
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- Mintek Dendrill Indonesia
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- Kideco Jaya Agung - Indonesia
- Independent Power Producers Association of India
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- Latin American Coal - Colombia
- The Treasury - Australian Government
- Directorate General of MIneral and Coal - Indonesia
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- Bharathi Cement Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- Singapore Mercantile Exchange
- Vedanta Resources Plc - India
- Jorong Barutama Greston.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Thiess Contractors Indonesia
- Holcim Trading Pte Ltd - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- Makarim & Taira - Indonesia
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Rashtriya Ispat Nigam Limited - India
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- Eastern Energy - Thailand
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- Economic Council, Georgia
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- Ministry of Finance - Indonesia
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Orica Mining Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Rio Tinto Coal - Australia
- Attock Cement Pakistan Limited
- Electricity Generating Authority of Thailand
- Savvy Resources Ltd - HongKong
- Anglo American - United Kingdom
- Mercuria Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- Essar Steel Hazira Ltd - India
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- CNBM International Corporation - China
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- Formosa Plastics Group - Taiwan
- Power Finance Corporation Ltd., India
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
- Australian Coal Association
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- Toyota Tsusho Corporation, Japan
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
- Star Paper Mills Limited - India
- Gujarat Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- Grasim Industreis Ltd - India
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- Parliament of New Zealand
- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- McConnell Dowell - Australia
- Planning Commission, India
- The University of Queensland
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- Posco Energy - South Korea
- Heidelberg Cement - Germany
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- VISA Power Limited - India
- Carbofer General Trading SA - India
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