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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, 17 April 19
ONCE AGAIN WE FACED WITH THE SITUATION OF THE DRY BALTIC INDEX BEING BELOW 1,000 POINTS - INTERMODAL
Once again we are faced with the situation of the Dry Baltic Index being below 1,000 points. In a market where the feeling of insecurity is almost ...
Wednesday, 17 April 19
LNG WESTERN AFRICA CONFERENCE 2019
The only LNG Focus Platform to Accelerate Investment and Cooperation in Western African Countries
LNG Western Africa Conference 2019 ...
Saturday, 13 April 19
IMO 2020 - DON'T SCRUB IT! - IVAR MYKLEBUST
KNOWLEDGE TO ELEVATE
Höegh Autoliners stands firm on its decision not to implement scrubbers but comply with the IMO 2020 regulations by ...
Saturday, 13 April 19
CAPESIZE: WEST AUSTRALIA TO CHINA IRON ORE CARGOES LIFTING FROM $4.60 PMT TO ABOVE $5.00 - BALTIC BRIEFING
Capesize
The market saw a steep ascent from the depths of last week. The Baltic Capesize Index (BCI) 5TC opened on Monday at $5,099, although b ...
Friday, 12 April 19
OIL MARKET REPORT: MIXED SIGNALS - IEA
The huge increase in oil production we saw in 2H18 has reversed following the implementation of the new Vienna Agreement and the increasing effecti ...
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- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Kumho Petrochemical, South Korea
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- MS Steel International - UAE
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- Straits Asia Resources Limited - Singapore
- Holcim Trading Pte Ltd - Singapore
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- Kalimantan Lumbung Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- Parliament of New Zealand
- The University of Queensland
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- CIMB Investment Bank - Malaysia
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Medco Energi Mining Internasional
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- McConnell Dowell - Australia
- Eastern Coal Council - USA
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- Commonwealth Bank - Australia
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- Ministry of Mines - Canada
- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- Power Finance Corporation Ltd., India
- Romanian Commodities Exchange
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- White Energy Company Limited
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- South Luzon Thermal Energy Corporation
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Altura Mining Limited, Indonesia
- Australian Coal Association
- Grasim Industreis Ltd - India
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- SMC Global Power, Philippines
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Uttam Galva Steels Limited - India
- Wood Mackenzie - Singapore
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- Mintek Dendrill Indonesia
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- Merrill Lynch Commodities Europe
- Minerals Council of Australia
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- Posco Energy - South Korea
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- ICICI Bank Limited - India
- Siam City Cement - Thailand
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- GMR Energy Limited - India
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- European Bulk Services B.V. - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Chamber of Mines of South Africa
- Ministry of Transport, Egypt
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Port Waratah Coal Services - Australia
- Edison Trading Spa - Italy
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