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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, 27 November 18
PANAMAX AND SUPRAMAX INDICES WITNESSED A DECLINE OF JUST BELOW 14% IN THEIR MEAN ON A MONTH-ON-MONTH COMPARISON - ALLIED SHIPPING
A month of sharp corrections and great asymmetries for the dry bulk sector, with the overall overview of the market shipping rapidly from a state o ...
Monday, 26 November 18
SUPRAMAX: THE ASIAN MARKET STALLED THIS WEEK WITH A BUILD-UP OF TONNAGE - BALTIC BRIEFING
Capesize
It was a positive end to the week, with West Australia/China making significant gains and firing owners’ resolve. There was talk ...
Friday, 23 November 18
GOLDEN ENERGY'S POTENTIAL ACQUISITION OF STANMORE CREDIT POSITIVE - FITCH RATINGS
Golden Energy and Resources Limited's (GEAR, B+/Positive) potential acquisition of Stanmore Coal will help the company diversify its coal opera ...
Friday, 23 November 18
ASSOCIATION CALLS FOR REVISION OF DMO SCHEME FOR COAL - JP
The Indonesian Coal Mining Association (APBI) has called on the government to revise the domestic market obligation (DMO) scheme for coal, which re ...
Friday, 23 November 18
INDONESIA'S REVENUES FROM MINERAL AND COAL INCREASE TO US$ 2.858 BILLION - ANTARA
Indonesia`s non-tax state revenues from the mineral and coal sub-sector reached Rp 41.77 trillion (approximately US$ 2.858 Billion) as of Nov 16, 2 ...
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- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Tamil Nadu electricity Board
- Planning Commission, India
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Marubeni Corporation - India
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- Central Java Power - Indonesia
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- Riau Bara Harum - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Krishnapatnam Port Company Ltd. - India
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- Trasteel International SA, Italy
- International Coal Ventures Pvt Ltd - India
- Sical Logistics Limited - India
- McConnell Dowell - Australia
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Grasim Industreis Ltd - India
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Bharathi Cement Corporation - India
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- PetroVietnam Power Coal Import and Supply Company
- PTC India Limited - India
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Romanian Commodities Exchange
- ICICI Bank Limited - India
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Deloitte Consulting - India
- Latin American Coal - Colombia
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- The University of Queensland
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Tata Chemicals Ltd - India
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
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