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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, 01 October 18
A NO-DEAL BREXIT WILL UNDOUBTEDLY HAVE CONSEQUENCES FOR IMPORTERS AND EXPORTERS - KATE JONES, THE BALTIC BRIEFING
If you live in the UK, you might be finding it difficult to get away from the Brexit debate. “Hard Brexit”, “soft Brexit”, ...
Friday, 28 September 18
INDONESIA 2018 COAL OUTPUT TARGET NOW AROUND 507 MLN T - ENERGY MINISTRY : REUTERS
Indonesia has increased its 2018 coal production target to around 507 million tonnes from a previous target of 485 million tonnes, the Energy Minis ...
Friday, 28 September 18
FITCH RATINGS: METALLURGICAL COAL MINERS MAY CURB COSTS AS PRICES SLIP
Strong cost inflation in the global metallurgical coal sector suggests that miners may focus on cost controls as prices decline from their current ...
Wednesday, 26 September 18
IS YOUR CHARTER PARTY READY FOR 2020? - METTE KRONHOLM FRAENDE, BIMCO
As the deadline for the IMO’s global low-sulphur fuel requirements fast approaches, it is necessary to carefully check the bunker clauses in ...
Wednesday, 26 September 18
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
Despite the fact that the dry bulk SnP market saw an admittedly busy summer season, there is a noticeable slowdown in activity during the past thre ...
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- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- Karaikal Port Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- Orica Australia Pty. Ltd.
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Essar Steel Hazira Ltd - India
- The University of Queensland
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Tamil Nadu electricity Board
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- Aboitiz Power Corporation - Philippines
- Sojitz Corporation - Japan
- Merrill Lynch Commodities Europe
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Aditya Birla Group - India
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- GN Power Mariveles Coal Plant, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- Independent Power Producers Association of India
- Economic Council, Georgia
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- PTC India Limited - India
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- White Energy Company Limited
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- Carbofer General Trading SA - India
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- Meenaskhi Energy Private Limited - India
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- Mintek Dendrill Indonesia
- Intertek Mineral Services - Indonesia
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Miang Besar Coal Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- Trasteel International SA, Italy
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
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