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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, 06 February 19
FEBRUARY 2019 INDONESIA'S COAL REFERENCE PRICE FELL 8.83 PERCENT YOY
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
Wednesday, 06 February 19
THE BDI HAS EASED BACK TO 645 BP, ITS LOWEST LEVEL SINCE AUGUST 2016 - ALLIED
The dry bulk sector is in the doldrums, with most market participants seemingly left utterly perplexed, and simultaneously, in pursuit of any posit ...
Monday, 04 February 19
COAL STILL IN HIGH DEMAND GLOBALLY
Although the world is switching to renewable energy there is still a big demand for coal around the globe.
This is according to Cany ...
Friday, 01 February 19
ULTRAMAX WAS FIXED DELIVERY KALIMANTAN, FOR TRIP TO WEST COAST INDIA AT $7,000 - BALTIC BRIEFING
Capesize
The Vale dam tragedy sparked a sharp fall in rates across all regions even where tonnage remained tight. The potential loss of product ...
Friday, 01 February 19
SEMBCORP SELECTS NORDEN FOR LONG-TERM INDIAN CONTRACT
NORDEN A/S has signed a 10-year Panamax Contract of Affreightment (COA) with Indian utility firm Sembcorp Energy India Ltd.
From 1 A ...
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- Leighton Contractors Pty Ltd - Australia
- Electricity Authority, New Zealand
- Salva Resources Pvt Ltd - India
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- MS Steel International - UAE
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Planning Commission, India
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- The State Trading Corporation of India Ltd
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- GMR Energy Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- Maheswari Brothers Coal Limited - India
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- Coalindo Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- IEA Clean Coal Centre - UK
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Posco Energy - South Korea
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- SMG Consultants - Indonesia
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Port Waratah Coal Services - Australia
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- Agrawal Coal Company - India
- Aboitiz Power Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- PowerSource Philippines DevCo
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- South Luzon Thermal Energy Corporation
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- New Zealand Coal & Carbon
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Meenaskhi Energy Private Limited - India
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- The University of Queensland
- CIMB Investment Bank - Malaysia
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- GVK Power & Infra Limited - India
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Minerals Council of Australia
- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- White Energy Company Limited
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
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