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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, 12 July 18
SUPRAMAX: INDO/CHINA COAL RV IS BEING FIXED AROUND USD 10500 BSS SINGAPORE - FEARNLEYS
Capesize
Cape market continue to be extremely volatile says Fearnleys in its latst weekly report.
The further noted that, last week ended wi ...
Tuesday, 10 July 18
SHIPPING MARKET ANALYSIS - GEORGE LAZARIDIS
The trade dispute saga continued over the past week, as new tariffs were put into force on Friday in both the U.S. and China and have already taken ...
Tuesday, 10 July 18
SUPPORTING SULPHUR 2020 CONSISTENT IMPLEMENTATION - IMO
An IMO working group is meeting (9-13 July) to develop guidelines to support the consistent implementation of the 0.50% limit for the sulphur conte ...
Monday, 09 July 18
RISING COAL PRICES LIFTING AUSTRALIA'S EXPORT REVENUES BUT INVESTORS STAYING AWAY - NEWCASTLE HERALD
Newcastle coal prices have risen more than 40 per cent in a year to be at their highest levels for seven years but the industry is becoming increas ...
Saturday, 07 July 18
SUPRAMAX: THE ASIAN MARKET STRUGGLED; A 57K-DWT WAS REPORTED FIXED BASIS DELIVERY SINGAPORE FOR A TRIP VIA INDONESIA REDELIVERY INDIA AT $12K
Capesize
A punchy week for the big ships that saw Atlantic rates soar, with the tonnage list tight prompting charterers to split cargoes, thoug ...
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Showing 1671 to 1675 news of total 6871 |
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- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- Miang Besar Coal Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- Star Paper Mills Limited - India
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- Bharathi Cement Corporation - India
- Semirara Mining Corp, Philippines
- Mercator Lines Limited - India
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- Directorate General of MIneral and Coal - Indonesia
- Electricity Generating Authority of Thailand
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Indian Oil Corporation Limited
- Kideco Jaya Agung - Indonesia
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- Sarangani Energy Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Medco Energi Mining Internasional
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Indo Tambangraya Megah - Indonesia
- Minerals Council of Australia
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- Cement Manufacturers Association - India
- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- VISA Power Limited - India
- Planning Commission, India
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Neyveli Lignite Corporation Ltd, - India
- Kobexindo Tractors - Indoneisa
- Meralco Power Generation, Philippines
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- Ind-Barath Power Infra Limited - India
- Malabar Cements Ltd - India
- White Energy Company Limited
- PowerSource Philippines DevCo
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- Borneo Indobara - Indonesia
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- SMG Consultants - Indonesia
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
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