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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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Tuesday, 19 February 19
AUSTRALIA'S COAL FUTURE UNDER THREAT AS MORE CHANGES HIT FOSSIL FUELS GLOBALLY - ABC
Two disparate decisions from opposite corners of the world have sounded warnings for the future of Australia’s coal industry.
...
Tuesday, 19 February 19
FAST DEPLETING COAL RESERVES COULD PUSH UP ENERGY PRICES, CAUTIONS EXPERT - THE HINDU BUSINESS LINE
The fast depletion of coal, a strategic resource and India’s fuel of choice currently, has huge implications for energy costs, according to K ...
Monday, 18 February 19
INDIA'S COAL IMPORT FALLS TO 17.25 MT IN JANUARY - PTI
Coal imports saw a decline in January FY 2019 to 17.25 MT from 19.59 MT in the same month of the previous fiscal, according to a report by mjunctio ...
Monday, 18 February 19
THE ROLE OF COAL IN INDIA'S ENERGY AMBITIONS - WCA
India is the world’s second most populous country and figures among the world’s most rapidly growing economies.
The Sout ...
Saturday, 16 February 19
COALTRANS CHINA 2019, CHINA'S LARGEST COAL INDUSTRY GATHERING
Press Release: Coaltrans China 2019 | With the import ban likely to be lifted, it’s time for you to meet your potentia ...
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- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Kideco Jaya Agung - Indonesia
- Global Coal Blending Company Limited - Australia
- McConnell Dowell - Australia
- The University of Queensland
- Carbofer General Trading SA - India
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- MS Steel International - UAE
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- Trasteel International SA, Italy
- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- Indonesian Coal Mining Association
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- Samtan Co., Ltd - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- Electricity Generating Authority of Thailand
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- Malabar Cements Ltd - India
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- IEA Clean Coal Centre - UK
- SMC Global Power, Philippines
- Georgia Ports Authority, United States
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- Deloitte Consulting - India
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Tamil Nadu electricity Board
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- Simpson Spence & Young - Indonesia
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- VISA Power Limited - India
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Australian Coal Association
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- Global Business Power Corporation, Philippines
- White Energy Company Limited
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Grasim Industreis Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- Essar Steel Hazira Ltd - India
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- London Commodity Brokers - England
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
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