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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, 09 January 19
SHIPPING MARKET INSIGHT - INERMODAL
Paraphrasing the words of a Chief economist in a latest report of the World Bank Group, the current state of the shipping market very much resemble ...
Tuesday, 08 January 19
GLOBAL TRADE GROWTH EXPECTED TO REMAIN AT HEALTHY IN 2019 - ALLIED
2019 is here and we find ourselves with new challenges for the shipping industry and the global economy as whole, with market prospects being neith ...
Monday, 07 January 19
THE NEWCASTLE BENCHMARK SPOT PRICE IS FORECAST TO DECLINE FROM AN ESTIMATED AVERAGE OF US$105 A TONNE IN 2018 TO US$74 A TONNE IN 2020 - DEPARTMENT OF INDUSTRY, AUSTRALIA
• The Newcastle benchmark spot price is forecast to decline from an estimated average of US$105 a tonne in 2018 to US$74 a tonne in 2020, prim ...
Monday, 07 January 19
INDONESIAN GOVERNMENT DECLARED COAL BENCHMARK PRICE FALLS FOR FIFTH STRAIGHT MONTH IN JANUARY 2019; LOWEST SINCE JUNE 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
Monday, 07 January 19
RUSSIA'S COAL PRODUCTION UP 5.9% TO 433.4 MLN TONNES IN 2018 - TASS
Coal production in Russia in 2018 increased by 5.9% year-on-year to 433.4 mln tonnes, according to the Central Dispatching Department of Fuel Energ ...
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- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Minerals Council of Australia
- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- Edison Trading Spa - Italy
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- Attock Cement Pakistan Limited
- Straits Asia Resources Limited - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- Economic Council, Georgia
- Gujarat Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- SMG Consultants - Indonesia
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meralco Power Generation, Philippines
- International Coal Ventures Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- Interocean Group of Companies - India
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- Energy Link Ltd, New Zealand
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- OPG Power Generation Pvt Ltd - India
- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- Cigading International Bulk Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- Parry Sugars Refinery, India
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- CNBM International Corporation - China
- Globalindo Alam Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Oldendorff Carriers - Singapore
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- CIMB Investment Bank - Malaysia
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petron Corporation, Philippines
- Eastern Coal Council - USA
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- Planning Commission, India
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- Indian Energy Exchange, India
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- Sindya Power Generating Company Private Ltd
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Romanian Commodities Exchange
- The Treasury - Australian Government
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- Sojitz Corporation - Japan
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PetroVietnam Power Coal Import and Supply Company
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- The University of Queensland
- Gujarat Sidhee Cement - India
- Metalloyd Limited - United Kingdom
- White Energy Company Limited
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Commodity Traders Exchange
- Formosa Plastics Group - Taiwan
- Chamber of Mines of South Africa
- Timah Investasi Mineral - Indoneisa
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