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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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Friday, 11 January 19
SUPRAMAX: THE ASIAN ARENA HAD A MIXED START; LIMITED ACTION IN SOUTHEAST ASIA - THE BALTIC BRIEFING
Capesize
Dashed hopes summed up the first full week of the New Year. A slow start followed by a busy 24 hours of improving rates and a firming ...
Thursday, 10 January 19
BUNKER DELIVERY NOTE AMENDMENTS ENTER INTO FORCE AS SULPHUR 2020 REQUIREMENT LOOMS - IMO
KNOWLEDGE TO ELEVATE
Amendments to the bunker delivery note relating to the supply of marine fuel oil to ships which have fitted alternative m ...
Thursday, 10 January 19
WORLD TRADE IN THERMAL COAL IS ESTIMATED TO HAVE GROWN BY 1.0 PER CENT IN 2018 - DEPARTMENT OF INDUSTRY, AUSTRALIA
World Trade
World trade in thermal coal is estimated to have grown by 1.0 per cent to 1.1 billion tonnes in 2018 but it is expected to decline ...
Thursday, 10 January 19
PAKISTAN'S COAL IMPORTS TO SURGE TO 30 MILLION TONS PER ANNUM BY 2020 - CEO, PIB
Pakistan’s coal imports are estimated to surge to 30 million tons/annum from existing 20 million tons/annum by the year 2020, given the plann ...
Wednesday, 09 January 19
PANAMAX: THE PACIFIC SAW RELATIVELY GOOD DEMAND PARTICULARLY FROM INDONESIA AND NOPAC - BALTIC BRIEFING
Capesize
It was an active start to the New Year, with trading from West Australia maintaining momentum during the holiday period. Rates for Chi ...
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- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Economic Council, Georgia
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Global Business Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- Orica Australia Pty. Ltd.
- MS Steel International - UAE
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- PNOC Exploration Corporation - Philippines
- India Bulls Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- Edison Trading Spa - Italy
- Indika Energy - Indonesia
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Posco Energy - South Korea
- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- Altura Mining Limited, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Vedanta Resources Plc - India
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- Simpson Spence & Young - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bayan Resources Tbk. - Indonesia
- Indogreen Group - Indonesia
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- Planning Commission, India
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- CIMB Investment Bank - Malaysia
- Trasteel International SA, Italy
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Energy Development Corp, Philippines
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- Tata Chemicals Ltd - India
- Electricity Authority, New Zealand
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