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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, 13 November 18
INDIA: POWER DEMAND UP; COAL STOCKS AT MINES AT A 5-YEAR LOW - FINANCIAL EXPRESS
Stocks at Coal India mines plunged to a five-year low of 21 million tonne (mt) in October, as a sudden surge in demand for the fuel from the power ...
Monday, 12 November 18
COAL BUSINESS REMAINS PROSPECTIVE - ANTARA
Coal business happened to be sluggish in the 2012-2015 period because coal prices in the world market fell sharply, but it has begun to crawl up si ...
Monday, 12 November 18
INDONESIA'S HBA ENDS DECLINE IN NOVEMBER
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Wednesday, 07 November 18
SHIPPING MARKET INSIGHT - VASILIS MOIRIS
This has been another active week in the second-hand market for both the dry bulk and tanker sectors. Buying interest has recently increased, which ...
Monday, 05 November 18
TIGHTER FUEL RULES COULD RAISE SHIPOWNERS' COSTS AND CAPEX - FITCH RATINGS
More stringent fuel regulations regarding sulphur content could significantly increase global shipping companies’ operating costs and capex n ...
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- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Iligan Light & Power Inc, Philippines
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- Chettinad Cement Corporation Ltd - India
- Singapore Mercantile Exchange
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Australian Coal Association
- Thai Mozambique Logistica
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Riau Bara Harum - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- Bhatia International Limited - India
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
- Heidelberg Cement - Germany
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- San Jose City I Power Corp, Philippines
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- Ambuja Cements Ltd - India
- Parry Sugars Refinery, India
- Bukit Asam (Persero) Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- Global Business Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- CIMB Investment Bank - Malaysia
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- White Energy Company Limited
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Indika Energy - Indonesia
- IEA Clean Coal Centre - UK
- Uttam Galva Steels Limited - India
- The University of Queensland
- Posco Energy - South Korea
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- VISA Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- PowerSource Philippines DevCo
- LBH Netherlands Bv - Netherlands
- Coastal Gujarat Power Limited - India
- Marubeni Corporation - India
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sical Logistics Limited - India
- Planning Commission, India
- Pipit Mutiara Jaya. PT, Indonesia
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mintek Dendrill Indonesia
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- Interocean Group of Companies - India
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- Independent Power Producers Association of India
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- Carbofer General Trading SA - India
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- Videocon Industries ltd - India
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vedanta Resources Plc - India
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- GMR Energy Limited - India
- Deloitte Consulting - India
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
- Borneo Indobara - Indonesia
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