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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 $9.0m.
It is clear that the current asset prices are at a 2-year low. How much further down they can go remains to be seen. Tankers at current prices are definitely the segment that owners and investors should be looking at. While no one is a prophet, you can’t go wrong with the age-old adage of “buy low; sell high”.
By Konstantinos Kontomichis
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Monday, 08 October 18
KOMIPO INVITES BIDS FOR 520,000 TONS OF COLOMBIAN ORIGIN OF 5,700 NAR COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 520,000 MT of min. 5700 NAR coal of Colombian origin ...
Sunday, 07 October 18
SUPRAMAX: INDO-INDIA USUAL COAL RUNS WERE COVERED AT US$ 12K - FEARNLEYS
Capesize
Average daily earnings up close to 15 pct in 5 trading days, thus patience finally paying off for owners of the big ships - Chinese play ...
Sunday, 07 October 18
A CASE FOR 20/20 VISION? IMO'S LOW SULPHUR FUEL LIMIT UNDER MARPOL ANNEX VI WHICH COMES INTO FORCE ON 1ST JANUARY 2020
KNOWLEDGE TO ELEVATE
The implementation of the global 0.5% sulphur cap for bunker fuel under MARPOL Annex VI in just under 18 months’ ti ...
Friday, 05 October 18
COAL PRODUCTION REACHES 64% OF 2018 TARGET : THE JAKARTA POST
National coal production up to August has already reached 311 million tons, or 64 percent of this year's total target of 485 million tons, acco ...
Wednesday, 03 October 18
VALUE OF AUSTRALIAN COAL EXPORTS TIPPED TO DECLINE SHARPLY OVER NEXT 18 MONTHS - THE GUARDIAN
Thermal coal prices forecast to drop 25% and metallurgical coal prices 23% as value of iron ore exports also falls
The value of Aust ...
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- New Zealand Coal & Carbon
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- SMG Consultants - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- Madhucon Powers Ltd - India
- Bukit Makmur.PT - Indonesia
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- London Commodity Brokers - England
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
- Meralco Power Generation, Philippines
- Antam Resourcindo - Indonesia
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- Eastern Coal Council - USA
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- White Energy Company Limited
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Merrill Lynch Commodities Europe
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- Ministry of Mines - Canada
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- GVK Power & Infra Limited - India
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- Vedanta Resources Plc - India
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Energy Development Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- IEA Clean Coal Centre - UK
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- Salva Resources Pvt Ltd - India
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- Bhatia International Limited - India
- VISA Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- Banpu Public Company Limited - Thailand
- Oldendorff Carriers - Singapore
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- Ceylon Electricity Board - Sri Lanka
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Finance - Indonesia
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- Carbofer General Trading SA - India
- ICICI Bank Limited - India
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