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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, 28 April 19
SUPRAMAX: A 54,000DWT VESSEL OPEN GRESIK FIXED VIA AUSTRALIA, REDELIVERY CHINA, IN THE MID $12,000S - BALTIC BRIEFING
Capesize
Following the holidays, activity increased in both the Pacific and Atlantic Basins. The 5TC average rallied, closing at $8,596, up $1, ...
Wednesday, 24 April 19
PANAMAX: IN THE EAST, THE MARKET MOVED SIDE-WAYS, WITH FEWER COAL CARGOES FROM INDONESIA PUTTING PRESSURE ON RATES - INTERMODAL
Sentiment in the Dry Bulk market slowly but steadily kept improving last week as Capesize rates remained in recovery mode and Panamax earnings also ...
Wednesday, 24 April 19
SHIPPING MARKET INSIGHT - IS THIS A BANKERS' MARKET? - INTERMODAL
Over the last 10 years, many of the traditional and top lending banks have made the decision to either downsize their portfolios or even exit shipp ...
Monday, 22 April 19
COAL INDIA TO ASK POWER PLANTS TO CUT COAL IMPORTS - DNA
Co to encourage import substitution with domestic supplies at power plants
Surge in coal imports has now forced Coal India Ltd (CIL) ...
Thursday, 18 April 19
BIMCO SEES HARD TIMES AHEAD FOR CAPESIZES
China’s increased use of scrap metal for its production of crude steel is fundamentally critical to the dry bulk shipping industry. Mostly Ca ...
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Showing 1411 to 1415 news of total 6871 |
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- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- TNB Fuel Sdn Bhd - Malaysia
- Uttam Galva Steels Limited - India
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- Altura Mining Limited, Indonesia
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- Lanco Infratech Ltd - India
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- Cement Manufacturers Association - India
- CIMB Investment Bank - Malaysia
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- Planning Commission, India
- Siam City Cement PLC, Thailand
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Vizag Seaport Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- OPG Power Generation Pvt Ltd - India
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- Kideco Jaya Agung - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Goldman Sachs - Singapore
- India Bulls Power Limited - India
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Global Coal Blending Company Limited - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- Indogreen Group - Indonesia
- Petron Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Attock Cement Pakistan Limited
- Ind-Barath Power Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- Romanian Commodities Exchange
- Marubeni Corporation - India
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- Price Waterhouse Coopers - Russia
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- Central Electricity Authority - India
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Mintek Dendrill Indonesia
- The University of Queensland
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- Dalmia Cement Bharat India
- Chamber of Mines of South Africa
- Sakthi Sugars Limited - India
- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- International Coal Ventures Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- Medco Energi Mining Internasional
- Economic Council, Georgia
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- Antam Resourcindo - Indonesia
- Australian Coal Association
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
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