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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, 19 December 18
GLOBAL COAL DEMAND SET TO REMAIN STABLE THROUGH 2023, DESPITE HEADWINDS - IEA
While global coal demand looks set to rise for the second year in a row in 2018, it is forecast to remain stable over the next five years, as decli ...
Wednesday, 19 December 18
GLOBAL SHIPPING SCOUTS FOR FUTURE GROWTH - PETER SAND, BIMCO
Where do we go to find economic growth that spurs shipping demand in the next five years? According to the International Monetary Fund (IMF), we sh ...
Wednesday, 19 December 18
SHIPPING MARKET INSIGHT - INTERMODAL
As another year is coming to an end, it is interesting to look at the main shipping markets and how these performed compared to 2017.
&nb ...
Tuesday, 18 December 18
COAL DEMAND WILL REMAIN STEADY THROUGH 2023, INTERNATIONAL ENERGY AGENCY SAYS - TOM DICHRISTOPHER, CNBC
Coal consumption is on the rise but will remain roughly stable over the next five years, the International Energy Agency forecasts.
...
Tuesday, 18 December 18
DRY BULK: IN ABSOLUTE TERMS, ALL MAIN SIZE SEGMENTS SAW THEIR ACTUAL VOLATILITY FIGURES DECREASE - ALLIED
Since the beginning of 2016, when the dry bulk market reached its absolute bottom, freight rates have been ever since on an upward trajectory. Taki ...
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- Essar Steel Hazira Ltd - India
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- Electricity Authority, New Zealand
- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- Thiess Contractors Indonesia
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Port Waratah Coal Services - Australia
- Independent Power Producers Association of India
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- Latin American Coal - Colombia
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Agrawal Coal Company - India
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- Merrill Lynch Commodities Europe
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Kartika Selabumi Mining - Indonesia
- CIMB Investment Bank - Malaysia
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- SN Aboitiz Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- Africa Commodities Group - South Africa
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Asmin Koalindo Tuhup - Indonesia
- Iligan Light & Power Inc, Philippines
- Ministry of Finance - Indonesia
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Indogreen Group - Indonesia
- New Zealand Coal & Carbon
- Simpson Spence & Young - Indonesia
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- Ministry of Transport, Egypt
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- Tamil Nadu electricity Board
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Dalmia Cement Bharat India
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- Salva Resources Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Ind-Barath Power Infra Limited - India
- Posco Energy - South Korea
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- Ambuja Cements Ltd - India
- Planning Commission, India
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- Baramulti Group, Indonesia
- The Treasury - Australian Government
- Sakthi Sugars Limited - India
- LBH Netherlands Bv - Netherlands
- MS Steel International - UAE
- Eastern Energy - Thailand
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- Siam City Cement PLC, Thailand
- Australian Coal Association
- Bhatia International Limited - India
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- Economic Council, Georgia
- Parliament of New Zealand
- Intertek Mineral Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
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