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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, 23 August 18
SUPRAMAX: SOME FRESH COAL CARGOES APPEARED IN SE ASIA, GIVING A BIT PRESSURE ON RATES FOR END AUGUST SHIPMENTS - FEARNLEYS
Capesize
Slightly softer but generally very healthy for the big ships, with limited supply of early tonnage and positive Brazilian ore export v ...
Wednesday, 22 August 18
KOMIPO INVITES BIDS FOR 480K TONS OF BITUMINOUS COAL FOR BORYEONG POWER PLANT & SHIN BORYEONG POWER PLANTS
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 480,000 mt of min. 5700 NAR coal of Australian origi ...
Wednesday, 22 August 18
SHIPPING MARKET INSIGHT - GEORGE PANAGOPOULOS
During the most quite week of the summer period we witnessed a trade war between United States and Turkey. A battle, which started with the arrest ...
Monday, 20 August 18
SUPRAMAX: OVERALL IT WAS A POSITIVE WEEK FOR THE BSI INDEX WITH GAINS MADE - THE BALTIC BRIEFING
Capesize
A week of largely unfulfilled expectations with holidays again curbing activity. Rates remained essentially healthy, but despite bad wea ...
Friday, 17 August 18
DO ARBITRATION AGREEMENTS IN BILLS OF LADING BIND THEIR HOLDERS? - WFW
KNOWLEDGE TO ELEVATE
Bills of lading are a crucial part of the security package traditionally sought by trade finance providers.
...
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- International Coal Ventures Pvt Ltd - India
- Trasteel International SA, Italy
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- VISA Power Limited - India
- Georgia Ports Authority, United States
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- Kumho Petrochemical, South Korea
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- Sical Logistics Limited - India
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Tata Chemicals Ltd - India
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- Electricity Generating Authority of Thailand
- South Luzon Thermal Energy Corporation
- MS Steel International - UAE
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- Eastern Energy - Thailand
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- ASAPP Information Group - India
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- Savvy Resources Ltd - HongKong
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Australian Coal Association
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- Indo Tambangraya Megah - Indonesia
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- Economic Council, Georgia
- Essar Steel Hazira Ltd - India
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- GN Power Mariveles Coal Plant, Philippines
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- Carbofer General Trading SA - India
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- London Commodity Brokers - England
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Bukit Makmur.PT - Indonesia
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- Tamil Nadu electricity Board
- McConnell Dowell - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- Mintek Dendrill Indonesia
- Thai Mozambique Logistica
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- Africa Commodities Group - South Africa
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- Bhoruka Overseas - Indonesia
- PNOC Exploration Corporation - Philippines
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
- Posco Energy - South Korea
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- The University of Queensland
- Medco Energi Mining Internasional
- Attock Cement Pakistan Limited
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