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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, 17 September 18
GLENCORE RETURNS TO JAPAN COAL TALKS SCUPPERED BY HIGH PRICES - BLOOMBERG
Mining giant Glencore Plc and Japanese utilities have resumed thermal coal supply negotiations, restarting talks that fell apart earlier this year ...
Monday, 17 September 18
SMALL PERCENTAGE OF THE WORLD FLEET WILL FIT SCRUBBERS - FORECASTS : METTE KRONHOLM FRAENDE
In recent months, there have been numerous reports of a strong pick-up in demand for scrubbers. On 1 January 2020, however, the number of ships fit ...
Saturday, 15 September 18
POWERING SUSTAINABLE DEVELOPMENT WITH LOW EMISSION COAL TECHNOLOGIES - WCA
In its 5th Strategic Energy Plan this year (2018), the Japanese Cabinet recognised coal as an important energy resource, necessary for the country& ...
Friday, 14 September 18
10 YEARS ON FROM LEHMAN, HOW IS SHIPPING'S "HANGOVER"? - CLARKSONS RESEARCH
On 15th September 2008, the collapse of Lehman Brothers crystallised the financial crisis and the onset the worst economic downturn for a century. ...
Thursday, 13 September 18
OPEC SEES SLOWER 2019 OIL DEMAND GROWTH, WARNS ON ECONOMY
Crude Oil Price Movements
In August, the OPEC Reference Basket declined by $1.01 m-o-m, settling at $72.26/b. Crude oil futures were also down ...
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Showing 1616 to 1620 news of total 6871 |
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- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- Riau Bara Harum - Indonesia
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- Economic Council, Georgia
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- Oldendorff Carriers - Singapore
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ICICI Bank Limited - India
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Eastern Coal Council - USA
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Global Green Power PLC Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- London Commodity Brokers - England
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- The University of Queensland
- GMR Energy Limited - India
- Australian Coal Association
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- Kepco SPC Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- Thai Mozambique Logistica
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- Minerals Council of Australia
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- Videocon Industries ltd - India
- Planning Commission, India
- Energy Development Corp, Philippines
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Siam City Cement PLC, Thailand
- Bayan Resources Tbk. - Indonesia
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Parry Sugars Refinery, India
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- India Bulls Power Limited - India
- Parliament of New Zealand
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Madhucon Powers Ltd - India
- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- Global Business Power Corporation, Philippines
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