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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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Thursday, 22 November 18
SHUT OUT OF CHINA, U.S. COAL EXPORTERS FIND FAVOUR IN INDIA, FOR NOW - REUTERS
U.S. coal exporters have effectively lost a promising market in China since the imposition of tariffs as part of the ongoing trade dispute, but so ...
Wednesday, 21 November 18
SHIPPING MARKET INSIGHT - DIMITRIS KOURTESIS
Halfway through the fourth and last quarter of the year, we spot a significant change in freight rates for tankers trading dirty, as well as on the ...
Tuesday, 20 November 18
FREIGHT RATES IN THE CRUDE OIL MARKET HAVE ALREADY PICKED UP OVER THE PAST COUPLE OF WEEKS - YIANNIS VAMVAKAS
Current geopolitical developments between Iran and the US, which have led the latter to re-impose its sanctions, have significantly affected oil pr ...
Tuesday, 20 November 18
GOLDEN ENERGY AND RESOURCES LEADS A$249M BID FOR AUSTRALIA-LISTED STANMORE COAL - THE STRAITS TIMES
Singapore-listed Golden Energy and Resources (GEAR) is leading deals worth up to A$249 million (S$250 million) to acquire Australia-listed Stanmore ...
Monday, 19 November 18
INDONESIA'S LEADING EIGHT COAL MINER'S COAL MINING CONTRACTS ARE EXPECTED TO EXPIRE BETWEEN YEAR 2019 - 2025
The Ministry of Energy and Mineral Resources (ESDM) said, eight Coal Contract of Works (CCoW) will expected to expire between 2019 to 2026, Liputan ...
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- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- GMR Energy Limited - India
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- OPG Power Generation Pvt Ltd - India
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- Price Waterhouse Coopers - Russia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- The Treasury - Australian Government
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- Anglo American - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- VISA Power Limited - India
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- Uttam Galva Steels Limited - India
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- Intertek Mineral Services - Indonesia
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- Economic Council, Georgia
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Power Finance Corporation Ltd., India
- Indogreen Group - Indonesia
- Kobexindo Tractors - Indoneisa
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Eastern Coal Council - USA
- Posco Energy - South Korea
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Bhoruka Overseas - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- Siam City Cement PLC, Thailand
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- Carbofer General Trading SA - India
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Petron Corporation, Philippines
- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- Indo Tambangraya Megah - Indonesia
- Medco Energi Mining Internasional
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- Coal and Oil Company - UAE
- Australian Coal Association
- Formosa Plastics Group - Taiwan
- International Coal Ventures Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- The University of Queensland
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Neyveli Lignite Corporation Ltd, - India
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- Independent Power Producers Association of India
- Oldendorff Carriers - Singapore
- Sindya Power Generating Company Private Ltd
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- Altura Mining Limited, Indonesia
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- Jindal Steel & Power Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
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