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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 $9.0m.
It is clear that the current asset prices are at a 2-year low. How much further down they can go remains to be seen. Tankers at current prices are definitely the segment that owners and investors should be looking at. While no one is a prophet, you can’t go wrong with the age-old adage of “buy low; sell high”.
By Konstantinos Kontomichis
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Sunday, 02 December 18
TRADE WAR LEADING TO HEADWINDS FOR THE FRAGILE DRY BULK RECOVERY - PETER SAND, BIMCO
The first twelve weeks of the 2018/19 marketing year, which started on 1 September 2018, have painted a dire picture for US soya bean exports which ...
Friday, 30 November 18
GOVT MULLS REQUIRING MINERS TO TURN COAL INTO GAS - THE JAKARTA POST
The government is considering requiring all coal miners to turn the raw commodity into dimethylether (DME) as a substitute for liquefied petroleum ...
Friday, 30 November 18
SUPRAMAX: N. CHINA TO INDIA OR SE ASIA SUPRAS ARE GETTING PAID AROUND US$ 6000 - FEARNLEYS
Capesize
Sharp rise in spot activity and income, admittedly from very low levels, for the big ships. West Australia/China and Brazil/Far East b ...
Thursday, 29 November 18
NEW IMSBC CODE REQUIREMENTS AIM TO CONTROL LIQUEFACTION OF COAL CARGOES - GARD
KNOWLEDGE TO ELEVATE
The International Maritime Solid Bulk Cargoes (IMSBC) Code describes coal as a natural, solid, combustible material consi ...
Wednesday, 28 November 18
SHIPPING MARKET INSIGHT - GEORGE LAIOS
Last week I had the privilege to attend the SingularityU Greece Summit, in Athens. It was a privilege because you do not often have the chance to s ...
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- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Kumho Petrochemical, South Korea
- Siam City Cement - Thailand
- Australian Coal Association
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- Leighton Contractors Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- Sinarmas Energy and Mining - Indonesia
- New Zealand Coal & Carbon
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- Banpu Public Company Limited - Thailand
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- Billiton Holdings Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- Wilmar Investment Holdings
- Economic Council, Georgia
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Central Electricity Authority - India
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- Orica Mining Services - Indonesia
- White Energy Company Limited
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Formosa Plastics Group - Taiwan
- Global Green Power PLC Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Indogreen Group - Indonesia
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- Samtan Co., Ltd - South Korea
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- Sarangani Energy Corporation, Philippines
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- Carbofer General Trading SA - India
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- Central Java Power - Indonesia
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Lanco Infratech Ltd - India
- Planning Commission, India
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- VISA Power Limited - India
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- Petron Corporation, Philippines
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
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