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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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Thursday, 13 September 18
SUPRAMAX: INDO-INDIA COAL RUN WAS FIXED CLOSE TO $16000 ON ULTRA - FEARNLEYS
Capesize
Rates took a further drop in the beginning of the week, to later find a floor around mid-week reaching mid USD 7 level for c5 and just ...
Thursday, 13 September 18
SHIPPING IS INCREASINGLY CAUGHT IN THE TRADE WAR LINE OF CROSSFIRE - PETER SAND
Once again, the already long list of tariffed goods has been made even longer. Many more commodities were hit on 23 August, but September is likely ...
Wednesday, 12 September 18
THE INTERRELATIONSHIP BETWEEN LETTERS OF INDEMNITY AND CHARTERPARTY "TIME BAR" PROVISIONS - STANDARD CLUB
KNOWLEDGE TO ELEVATE
Introduction
A recent English Court of Appeal decision provides important guidance on the applicability of charterpar ...
Wednesday, 12 September 18
IS LNG POISED FOR A NEW GROWTH CYCLE? - WOOD MACKENZIE
Gas needs to work for its long-term sustainability. But the mood music is upbeat. Just 18 months ago the LNG market was depressed, anticipating an ...
Wednesday, 12 September 18
U.S. TOTAL COAL EXPORTS TO BE 107 MMST IN 2018 AND 101 MMST IN 2019 - EIA
EIA forecasts U.S. coal production will decline by 1% to 768 million short tons (MMst) in 2018, despite a 10% (10 MMst) increase in coal exports.
...
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- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- Latin American Coal - Colombia
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- Larsen & Toubro Limited - India
- Intertek Mineral Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- Central Electricity Authority - India
- Bangladesh Power Developement Board
- Meenaskhi Energy Private Limited - India
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- Borneo Indobara - Indonesia
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Planning Commission, India
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Georgia Ports Authority, United States
- Semirara Mining and Power Corporation, Philippines
- Ministry of Transport, Egypt
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- Cement Manufacturers Association - India
- Port Waratah Coal Services - Australia
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- Bharathi Cement Corporation - India
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- Offshore Bulk Terminal Pte Ltd, Singapore
- Medco Energi Mining Internasional
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Oldendorff Carriers - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Rashtriya Ispat Nigam Limited - India
- The Treasury - Australian Government
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- Cigading International Bulk Terminal - Indonesia
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- Toyota Tsusho Corporation, Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- Wilmar Investment Holdings
- White Energy Company Limited
- The University of Queensland
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Lanco Infratech Ltd - India
- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- Deloitte Consulting - India
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- ASAPP Information Group - India
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- Sical Logistics Limited - India
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Xindia Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- Indian Energy Exchange, India
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Directorate Of Revenue Intelligence - India
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