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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, 29 January 19
HARD COAL BEARS THE BRUNT OF THE RECOMMENDATIONS OF THE COMMISSION GROWTH STRUCTURAL CHANGE AND EMPLOYMENT - VDKI
Press Release: Hard coal bears the brunt of the recommendations of the Commission Growth Structural change and employment.
In its fi ...
Tuesday, 29 January 19
CHINA HAS BEEN THE TOP DRIVER OF GLOBAL GROWTH FOR NEARLY TWO DECADES - ALLIED
China has been the top driver of global growth for nearly two decades now, pushing demand for seaborne trade and being the key influencer for deman ...
Saturday, 26 January 19
SUPRAMAX: NICKEL ORE RUNS SAW A 56K DWT VESSEL, DELIVERY PHILIPPINES, FIXED FOR A TRIP TO CHINA AT $6K - BALTIC BRIEFING
Capesize
A week of dashed hopes for owners as the optimism evident the previous week evaporated. Rates slipped on all routes and underlying thr ...
Thursday, 24 January 19
ANOTHER DISAPPOINTING WEEK FOR PANAMAX OWNERS; MARKET CONTINUES DOWN IN BOTH BASINS - FEARNLEYS
Capesize
The week has been marked by low activity and dropping rates in both basins. As usual, supply additions have increased at the beginning ...
Thursday, 24 January 19
KOREA SOUTHERN POWER INVITED BIDS FOR 960K MT OF 4600 NCV COAL FOR THREE YEARS
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 320,000 MT of min 4,600 kcal/kg NCV low calo ...
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- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- Minerals Council of Australia
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Sinarmas Energy and Mining - Indonesia
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- Port Waratah Coal Services - Australia
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
- Global Business Power Corporation, Philippines
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Chamber of Mines of South Africa
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- Mintek Dendrill Indonesia
- Australian Coal Association
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- Leighton Contractors Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- Eastern Coal Council - USA
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Malabar Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- Marubeni Corporation - India
- Planning Commission, India
- Sojitz Corporation - Japan
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Kumho Petrochemical, South Korea
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- Australian Commodity Traders Exchange
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- Indogreen Group - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- SMG Consultants - Indonesia
- Gujarat Sidhee Cement - India
- Jorong Barutama Greston.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- GVK Power & Infra Limited - India
- Dalmia Cement Bharat India
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- Interocean Group of Companies - India
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- ICICI Bank Limited - India
- Ministry of Finance - Indonesia
- Aditya Birla Group - India
- Manunggal Multi Energi - Indonesia
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- Price Waterhouse Coopers - Russia
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- VISA Power Limited - India
- Sical Logistics Limited - India
- Orica Australia Pty. Ltd.
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