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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, 21 March 19
PRICE PLUNGE AS CHINESE LEAVE THERMAL COAL OUT IN THE COLD - AUSTRALIAN FINANCIAL REVIEW
Thermal coal exporter New Hope Corporation says China’s shipment squeeze on Australia is putting downward pressure on prices in all markets i ...
Wednesday, 20 March 19
COAL EXPORT FEARS RESURFACE AS RESTRICTIONS HIT MORE CHINESE PORTS AND AUSTRALIAN PRICES COP A 'BELTING' - ABC
Australian thermal coal exports to China are under increasing pressure, with indications import restrictions are spreading to other key ports.
...
Monday, 18 March 19
A 56,000DWT SHIP FIXED DELIVERY FOR A SINGAPORE TRIP VIA INDONESIA, RE-DELIVERY CHINA, AT $10,000 - BALTIC BRIEFING
Capesize
The Baltic Capesize market shrugged off its recent negative sentiment to post daily incremental improvements over the last week. Pacif ...
Saturday, 16 March 19
AUSTRALIAN COAL STILL FACING CHINESE DELAY - AAP
Australian coal exports to China are still facing delays, with protectionism and environmental checks blamed for the slowdown.
Coal ...
Thursday, 14 March 19
SUPRAMAX: INDO COAL CARGOES GETTING FIXED AT AROUND US$ 12000 TO CHINA - FEARNLEYS
Capesize
Average daily earning still well below operating costs, and owners keep bleeding - but nevertheless finally some bright spots for the ...
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- Siam City Cement PLC, Thailand
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Mercator Lines Limited - India
- GMR Energy Limited - India
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- Commonwealth Bank - Australia
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Maheswari Brothers Coal Limited - India
- Savvy Resources Ltd - HongKong
- Petrochimia International Co. Ltd.- Taiwan
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Rio Tinto Coal - Australia
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- Energy Development Corp, Philippines
- Thai Mozambique Logistica
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- Australian Coal Association
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- Wilmar Investment Holdings
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- Sarangani Energy Corporation, Philippines
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- Africa Commodities Group - South Africa
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- Minerals Council of Australia
- Chamber of Mines of South Africa
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- Mjunction Services Limited - India
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Tata Chemicals Ltd - India
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Antam Resourcindo - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Planning Commission, India
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Central Electricity Authority - India
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Electricity Generating Authority of Thailand
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Timah Investasi Mineral - Indoneisa
- Ministry of Mines - Canada
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- Cement Manufacturers Association - India
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Indian Oil Corporation Limited
- SMC Global Power, Philippines
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- Anglo American - United Kingdom
- Posco Energy - South Korea
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- McConnell Dowell - Australia
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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