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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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Friday, 02 November 18
COAL FETCHES 102% PREMIUM IN E-AUCTION, SURPASSING THE EARLIER HIGHEST OF 95% - FINANCIAL EXPRESS
Coal prices have received a premium of 102% in spot e-auction during September 2018, surpassing the earlier highest of 95% premium during the spot ...
Friday, 02 November 18
CHINA: COAL CONSUMPTION POSTS STRONG GROWTH ON BACK OF POWER GENERATION DEMAND - CHINA DAILY
China’s energy consumption experienced continuous rebound during the first three quarters in 2018, National Energy Administration announced o ...
Thursday, 01 November 18
IMO 2020 - EXPLORING THE OPTION OF SOX SCRUBBERS - SIDDHARTH MAHAJAN, GARD
KNOWLEDGE TO ELEVATE
There are four possible methods of compliance:
1.use VLSFO (very low Sulphur oil) or blends;
2,use dis ...
Wednesday, 31 October 18
INDIA: COAL IMPORTS SURGE ON DOMESTIC SHORT SUPPLY - HINDU
Shortage of thermal coal supply in India has pushed imports up to 85 million tonnes (mt) in the first half of the current fiscal compared to 75 mt ...
Wednesday, 31 October 18
SHIPPING MARKET INSIGHT - APOSTOLOS ROMPOPOULOS
Since the IMO’s 2020 global cap on sulphur in marine fuels is coming into force, ship-owners have to decide whether they will operate using e ...
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- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Videocon Industries ltd - India
- Krishnapatnam Port Company Ltd. - India
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- GMR Energy Limited - India
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- New Zealand Coal & Carbon
- White Energy Company Limited
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- Mercator Lines Limited - India
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- London Commodity Brokers - England
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- Baramulti Group, Indonesia
- Parliament of New Zealand
- Vizag Seaport Private Limited - India
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Electricity Authority, New Zealand
- Renaissance Capital - South Africa
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Essar Steel Hazira Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Mjunction Services Limited - India
- Sojitz Corporation - Japan
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- ASAPP Information Group - India
- Simpson Spence & Young - Indonesia
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- Savvy Resources Ltd - HongKong
- Maharashtra Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- Posco Energy - South Korea
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Xindia Steels Limited - India
- Energy Development Corp, Philippines
- Economic Council, Georgia
- Grasim Industreis Ltd - India
- Vedanta Resources Plc - India
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Central Java Power - Indonesia
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
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