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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, 05 September 18
ASIAN DEMAND COULD CREATE DEFICIT IN GLOBAL LNG MARKET - FITCH RATINGS
Growing gas demand from Asia, particularly from China, could swing the liquefied natural gas (LNG) market into a deficit by 2022-2025, Fitch Rating ...
Tuesday, 04 September 18
SUPRAMAX: THE ASIAN SECTOR REMAINED ACTIVE WITH RATES STILL FIRM ESPECIALLY IN SE ASIA - BALTIC BRIEFING
Capesize
A turnaround in fortunes for the big ships, with a few slower days in the market. A build-up of tonnage and a lack of Brazil cargoes r ...
Thursday, 30 August 18
SUPRAMAX: CIS COAL TO FAR EAST WENT AT MID TENS AND TO SE ASIA AT CA USD 8000 - FEARNLEYS
Capesize
There was a slow start this week with holiday in UK on Monday. The index has been slowly coming off since then; The C5 route has seen ...
Wednesday, 29 August 18
MID-YEAR FY19 POWER OUTLOOK: IMPORTED COAL REQUIREMENT TO INCREASE DURING REMAINING FY19: IND-RA
India Ratings and Research (Ind-Ra) has maintained a stable-to-negative outlook on the Indian power sector for the remaining FY19, despite a rise i ...
Wednesday, 29 August 18
IMPACT ON CHARTERPARTIES - TIME TO ACT NOW : NORTH P&I CLUB
KNOWLEDGE TO ELEVATE
The challenges introduced by the global sulphur cap are not exclusively technical. The new limits are likely to impact co ...
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Showing 1631 to 1635 news of total 6871 |
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- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- Kumho Petrochemical, South Korea
- Indo Tambangraya Megah - Indonesia
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- Coal and Oil Company - UAE
- Meenaskhi Energy Private Limited - India
- London Commodity Brokers - England
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- Minerals Council of Australia
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- PTC India Limited - India
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chamber of Mines of South Africa
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- New Zealand Coal & Carbon
- Kobexindo Tractors - Indoneisa
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Generating Authority of Thailand
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- ASAPP Information Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Agrawal Coal Company - India
- The Treasury - Australian Government
- Economic Council, Georgia
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- The University of Queensland
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- SN Aboitiz Power Inc, Philippines
- Wilmar Investment Holdings
- Globalindo Alam Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Petron Corporation, Philippines
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- McConnell Dowell - Australia
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Central Java Power - Indonesia
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- Thiess Contractors Indonesia
- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
- Planning Commission, India
- Bhoruka Overseas - Indonesia
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- Vijayanagar Sugar Pvt Ltd - India
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Australian Coal Association
- Ministry of Mines - Canada
- Bulk Trading Sa - Switzerland
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- CNBM International Corporation - China
- Siam City Cement - Thailand
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
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