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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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Saturday, 20 October 18
PANAMAX: THE PACIFIC SAW A LARGE VOLUME OF FIXING, WITH INDONESIA AGAIN THE DRIVING FORCE - THE BALTIC BRIEFING
Capesize
A positive end to last week after a shaky start, with a Coaltrans taking participants out of the market early on and with rates slippi ...
Thursday, 18 October 18
SUPRAMAX: INDO/WC INDIA SUPRAS ARE FIXING AROUND MID $14000S P/D BASIS SPORE DELIVERY
Capesize
The volatile Cape market continues this week, especially in the Pacific says Fearnleys in its latest weekly report.
...
Thursday, 18 October 18
COAL SHORTAGE HITS POWER SECTOR AGAIN; HOW INDIA CAN GET ITS PRODUCTION RIGHT - ANIL SWARUP
By convincing states of the value proposition of increased production, the record production of Fy15 & Fy16 can be emulated.
The ...
Thursday, 18 October 18
CHINA POWER REFORM NEUTRAL ON GRIDS, PRESSURES IPP MARGINS - FITCH RATINGS
China's power sector reform has a broadly neutral impact on transmission grids although it will pressure the power producers' margins, says ...
Wednesday, 17 October 18
ESCROW SERVICE FOR BALTIC MEMBERS NOW LIVE
The Baltic Exchange’s Escrow Service for its members to hold deposits for ship sale transactions goes live today (15 October). The service is ...
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Showing 1586 to 1590 news of total 6871 |
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- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- Planning Commission, India
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- PTC India Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- CIMB Investment Bank - Malaysia
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- London Commodity Brokers - England
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- MS Steel International - UAE
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- Semirara Mining Corp, Philippines
- Salva Resources Pvt Ltd - India
- Indonesian Coal Mining Association
- Coastal Gujarat Power Limited - India
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- Miang Besar Coal Terminal - Indonesia
- Sakthi Sugars Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- Binh Thuan Hamico - Vietnam
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Sarangani Energy Corporation, Philippines
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- OPG Power Generation Pvt Ltd - India
- SMG Consultants - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- Bhatia International Limited - India
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- CNBM International Corporation - China
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- The University of Queensland
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Gujarat Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
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