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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, 25 December 18
FUEL QUALITY AND SAFETY IN IMO CONVENTIONS: A GROWING CHALLENGE, EVEN PRIOR TO 1 JANUARY 2020 - IUMI
At the 100th session of the International Maritime Organization’s (IMO) Maritime Safety Committee (MSC) meeting discussions on fuel quality a ...
Monday, 24 December 18
DRY BULK MARKET: CAPESIZE MARKET ON BACKFOOT AS 2018'S END DRAWS NEAR - THE BALTIC BRIEFING
Capesize
Panic set in in the East as the holiday season approaches, with owners chasing rates lower. Rates on the key West Australia/China route ...
Friday, 21 December 18
4.2 MILLION DWT OF DRY BULK SHIPS SCRAPPED UNTIL 17 DEC, DOWN 71.6% Y/Y - BIMCO
2018 has been a slow year for dry bulk demolitions, with only 4.2 million DWT scrapped (as of 17 December), down 71.6% compared to last year. An al ...
Thursday, 20 December 18
INDONESIAN COAL PRICES DIVERGE FROM KEY BENCHMARK - FITCH RATINGS
The Newcastle 6,000kcal coal price benchmark that is widely used to determine most coal price estimates for Indonesian coal miners has increasingly ...
Wednesday, 19 December 18
CHINA'S IMPORT RESTRICTIONS ON COAL SPOILS THE PARTY FOR PANAMAXES - DREWRY
The Chinese government’s objective of suppressing coal and lignite imports in November and December 2018 is adversely impacting demand for Pa ...
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- Tamil Nadu electricity Board
- Marubeni Corporation - India
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- Videocon Industries ltd - India
- PNOC Exploration Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Latin American Coal - Colombia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- ASAPP Information Group - India
- Binh Thuan Hamico - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Holcim Trading Pte Ltd - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Larsen & Toubro Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Aboitiz Power Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- Orica Mining Services - Indonesia
- CNBM International Corporation - China
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- Lanco Infratech Ltd - India
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- Maheswari Brothers Coal Limited - India
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- Ind-Barath Power Infra Limited - India
- Posco Energy - South Korea
- Ministry of Finance - Indonesia
- Bharathi Cement Corporation - India
- Iligan Light & Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Sindya Power Generating Company Private Ltd
- Deloitte Consulting - India
- Trasteel International SA, Italy
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- Africa Commodities Group - South Africa
- Planning Commission, India
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- Economic Council, Georgia
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Indian Energy Exchange, India
- Bhoruka Overseas - Indonesia
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
- Aditya Birla Group - India
- Anglo American - United Kingdom
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- MS Steel International - UAE
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- VISA Power Limited - India
- London Commodity Brokers - England
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Sarangani Energy Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- The University of Queensland
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Orica Australia Pty. Ltd.
- Ceylon Electricity Board - Sri Lanka
- Dalmia Cement Bharat India
- Xindia Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Ambuja Cements Ltd - India
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
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