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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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Wednesday, 12 September 18
MARINE BUNKERS: THE END OF THE WORLD AS WE KNOW IT - IBIA
KNOWLEDGE TO ELEVATE
The world of bunkers is heading for rapid and fundamental changes and not just because of the 0.50% sulphur cap in 2020. ...
Wednesday, 12 September 18
SHIPPING MARKET INSIGHT - THEODORE NTALAKOS
A recovery in the shipping market since last year has buoyed optimism amongst the people in the industry. Yet if you are to ask most ship-owners if ...
Monday, 10 September 18
HANDYSIZE: PERIOD ACTIVITY REMAINED LIMITED WITH A 37,000DWT REPORTEDLY FIXED FOR FOUR TO SIX MONTHS AT $10,500, OPEN IN MALAYSIA IN MID-SEPTEMBER - BALTIC BRIEFING
Capesize
Rates came under pressure for the big ships last week, despite paper values holding at reasonable levels as these trades continued to ...
Thursday, 06 September 18
INDONESIAN COAL PRICE REFERENCE FALLS FOR FIRST TIME IN 3 MONTHS
COALspot.com: The benchmark price of Indonesian thermal coal falls for first time in three months.
According to the latest min ...
Thursday, 06 September 18
SUPRAMAX: SE ASIA-INDO ROUNDS WITH COAL HAVE BEEN CONCLUDED IN THE $13000S RANGE - FEARNLEYS
Capesize
The big ships experiencing a bump in the road towards what is commonly expected to be by far the best period of this year. Average dai ...
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- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- White Energy Company Limited
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- The University of Queensland
- Anglo American - United Kingdom
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Carbofer General Trading SA - India
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- Bayan Resources Tbk. - Indonesia
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- Australian Coal Association
- Africa Commodities Group - South Africa
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Mintek Dendrill Indonesia
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Mercator Lines Limited - India
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
- Leighton Contractors Pty Ltd - Australia
- Independent Power Producers Association of India
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Parliament of New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- Deloitte Consulting - India
- Bhatia International Limited - India
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Timah Investasi Mineral - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Finance - Indonesia
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- Gujarat Sidhee Cement - India
- Renaissance Capital - South Africa
- Sarangani Energy Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Electricity Authority - India
- IEA Clean Coal Centre - UK
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
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