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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, 13 February 19
MALAYSIA WAS THE REGION'S LARGEST COAL IMPORTER WITH 34 MT IN 2018, UP 25% Y-O-Y
Although coal market in 2018 started with strong prices, starting in the beginning of the second half of 2018, the international spot prices for co ...
Wednesday, 13 February 19
SHIPPING MARKET INSIGHT - INTERMODAL
If there is one word that can describe the current shipping environment then that this word is most probably “volatility.” The sentimen ...
Saturday, 09 February 19
SUPRAMAX: A 63,000-TONNER WAS REPORTED FIXED DELIVERY FOR AN EAST KALIMANTAN TRIP, REDELIVERY WEST COAST INDIA, AT $9,250 - THE BALTIC BRIEFING
Cape
The Vale disaster weighed heavily on the market for big ships, with uncertainty about shipments/future exports leading to a sharp drop in ...
Friday, 08 February 19
LOWER-QUALITY INDONESIA EXPORTS ROSE 39 MT IN 2018 YOY PRIMARILY IN RESPONSE TO INCREASED DEMAND FROM CHINA AND INDIA - PEABODY
"Underlying seaborne met and thermal coal conditions remain quite positive and the pace of U.S. coal-fueled power plant retirements is expecte ...
Thursday, 07 February 19
QATAR CAN GAIN FROM DECLINING COAL - THE PENINSULA
With North America and Europe closing down their old coal and nuclear plants, major gas exporters like Qatar can and should gain market share. With ...
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- Ministry of Mines - Canada
- Holcim Trading Pte Ltd - Singapore
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- Georgia Ports Authority, United States
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Goldman Sachs - Singapore
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- Barasentosa Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- The University of Queensland
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- Ministry of Transport, Egypt
- Maharashtra Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- Coalindo Energy - Indonesia
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- Krishnapatnam Port Company Ltd. - India
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Banpu Public Company Limited - Thailand
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- Star Paper Mills Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Economic Council, Georgia
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Salva Resources Pvt Ltd - India
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- SMG Consultants - Indonesia
- LBH Netherlands Bv - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- Bhatia International Limited - India
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- Indo Tambangraya Megah - Indonesia
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- Lanco Infratech Ltd - India
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- Baramulti Group, Indonesia
- Tamil Nadu electricity Board
- Madhucon Powers Ltd - India
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Therma Luzon, Inc, Philippines
- Interocean Group of Companies - India
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- White Energy Company Limited
- Mintek Dendrill Indonesia
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- Kohat Cement Company Ltd. - Pakistan
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- Grasim Industreis Ltd - India
- Bhoruka Overseas - Indonesia
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Meenaskhi Energy Private Limited - India
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
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