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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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Monday, 19 November 18
SUPRAMAX: THE BSI CONTINUED TO FALL LAST WEEK, ESPECIALLY THE ASIAN ROUTES - BALTIC BRIEFING
Capesize
After a cut throat couple of weeks, the market finally appeared to have found a floor and rates ticked up. Those analysts that predict ...
Sunday, 18 November 18
COAL STOCKS IN A THIRD OF NTPC PLANTS CLOSE TO NIL - FINANCIAL EXPRESS
Coal supply shortage continues to haunt NTPC, the country’s largest power generator, with latest government data showing 31% of the company&r ...
Thursday, 15 November 18
OIL MARKET REPORT: HEEDING THE WARNINGS - IEA
In last month’s Report, we noted that since the middle of the year oil supply had increased sharply, with gains in the Middle East, Russia an ...
Wednesday, 14 November 18
BIMCO ADOPTS 2020 BUNKER CLAUSES
BIMCO has developed two 2020 bunker clauses that deal with general compliance and the transitional period for an early December release.
...
Wednesday, 14 November 18
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
The shipping industry is going through an interesting period across all markets. Since the end of last year, the Dry Baltic Index has been showing ...
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- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- Rashtriya Ispat Nigam Limited - India
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Timah Investasi Mineral - Indoneisa
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- Australian Coal Association
- Mercator Lines Limited - India
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- Chamber of Mines of South Africa
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- Karbindo Abesyapradhi - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Economic Council, Georgia
- Renaissance Capital - South Africa
- MS Steel International - UAE
- GMR Energy Limited - India
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Makarim & Taira - Indonesia
- Kobexindo Tractors - Indoneisa
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- Mercuria Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Tamil Nadu electricity Board
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- Vijayanagar Sugar Pvt Ltd - India
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Independent Power Producers Association of India
- Eastern Energy - Thailand
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- Simpson Spence & Young - Indonesia
- Anglo American - United Kingdom
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- Wilmar Investment Holdings
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Parliament of New Zealand
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