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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 $9.0m.
It is clear that the current asset prices are at a 2-year low. How much further down they can go remains to be seen. Tankers at current prices are definitely the segment that owners and investors should be looking at. While no one is a prophet, you can’t go wrong with the age-old adage of “buy low; sell high”.
By Konstantinos Kontomichis
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Friday, 04 January 19
FOCUS IS ON BOOSTING COAL PRODUCTION: INDIAN COAL MINISTER
The current focus of the government is on boosting production from operational coal mines, according to Minister for Coal, Piyush Goyal.
...
Thursday, 03 January 19
CAPESIZE: A MORE POSITIVE START OF THE NEW YEAR THAN EXPECTED FOR THE BIG SHIPS - FEARNLEYS
Capesize
A more positive start of the new year than expected for the big ships, with average gains of US$ 500/day posted on the first tra ...
Tuesday, 01 January 19
INDONESIA: COAL PRODUCTION EXPECTED TO EXCEED THIS YEAR'S TARGET - JP
Indonesian coal production reached 456 million tons up to Thursday or 94.02 percent of this year’s total target of 485 million tons, accordin ...
Monday, 31 December 18
THE INDONESIAN COAL MARKET Q1 '19 FORECAST: LOOKS DIRECTIONLESS - TRADER
The Indonesian coal market looks directionless, an International coal trader said when we asked him to give his forecast for 1Q' 2019.
...
Monday, 31 December 18
GLOBAL COAL DEMAND GREW BY 1% IN 2017; GLOBAL COAL POWER GENERATION INCREASED BY OVER 250 TWH - IEA
After two years of decline, global coal demand grew by 1% in 2017 to 7585 Mt as stronger global economic growth increased both industrial output an ...
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- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- Aditya Birla Group - India
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- Deloitte Consulting - India
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Mjunction Services Limited - India
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- Vedanta Resources Plc - India
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- South Luzon Thermal Energy Corporation
- Coal and Oil Company - UAE
- Kartika Selabumi Mining - Indonesia
- Agrawal Coal Company - India
- The University of Queensland
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Meenaskhi Energy Private Limited - India
- Karaikal Port Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- Australian Coal Association
- IEA Clean Coal Centre - UK
- SMG Consultants - Indonesia
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- Kideco Jaya Agung - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Anglo American - United Kingdom
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- Salva Resources Pvt Ltd - India
- ASAPP Information Group - India
- Jaiprakash Power Ventures ltd
- Power Finance Corporation Ltd., India
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Siam City Cement - Thailand
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- GMR Energy Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- Posco Energy - South Korea
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Krishnapatnam Port Company Ltd. - India
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- Mercator Lines Limited - India
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- White Energy Company Limited
- New Zealand Coal & Carbon
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- CIMB Investment Bank - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maheswari Brothers Coal Limited - India
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
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