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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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Tuesday, 28 August 18
COURT CONCLUDES DELIVERY MADE IN ACCORDANCE WITH TERMS OF LOIS - INCE&CO
Glencore Agriculture BV v Navig8 Chemicals Pool Inc (Songa Winds) [2018] EWCA 1901 (Civ)
In this case, the Commercial Court fo ...
Tuesday, 28 August 18
SUPRAMAX: A COAL TRIP VIA INDONESIA PAID $13,500 ON A 56,000DWT TO WC INDIA - BALTIC BRIEFING
Capesize
The Singapore holiday mid-week disrupted trading and unsettled the market, with owners losing some resilience. The market took on a la ...
Tuesday, 28 August 18
SHIPPING MARKET UPDATE - GEORGE LAZARIDIS
As we edge close to the start of the Autumn Season, a period within the year that is usually characterized as the pivot point from the final quarte ...
Friday, 24 August 18
KOREAN RESTRICTIONS ON COAL SULPHUR IMPACTING HUNTER EXPORTS - THE HERALD
WARNINGS that Korean restrictions on sulphur levels in coal could hurt the Hunter industry appear to have been accurate, according to a report in t ...
Thursday, 23 August 18
RUSSIA'S MECHEL PRODUCED 9.69 MMT OF RUN-OF-MINE COAL IN 1H'2018
Mechel PAO, one of the leading Russian mining and metals companies, announces 1H2018 operational results.
Mechel PAO’s Chief E ...
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- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Energy Link Ltd, New Zealand
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Trasteel International SA, Italy
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- Lanco Infratech Ltd - India
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- The University of Queensland
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Vizag Seaport Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- Malabar Cements Ltd - India
- Electricity Authority, New Zealand
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- Rio Tinto Coal - Australia
- Central Java Power - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Iligan Light & Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- San Jose City I Power Corp, Philippines
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- Borneo Indobara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- PowerSource Philippines DevCo
- Vijayanagar Sugar Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- Thai Mozambique Logistica
- Kobexindo Tractors - Indoneisa
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- India Bulls Power Limited - India
- Australian Coal Association
- Planning Commission, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Madhucon Powers Ltd - India
- Central Electricity Authority - India
- Eastern Energy - Thailand
- Wood Mackenzie - Singapore
- Grasim Industreis Ltd - India
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
- ASAPP Information Group - India
- Posco Energy - South Korea
- PetroVietnam Power Coal Import and Supply Company
- New Zealand Coal & Carbon
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Jorong Barutama Greston.PT - Indonesia
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- Deloitte Consulting - India
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bhushan Steel Limited - India
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