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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, 26 June 18
A SHARP RISE IN THE PRICE OF CRUDE OIL WAS TO BE SEEN ON FRIDAY, ITS BIGGEST DAILY GAIN IN TWO YEARS - GEORGE LAZARIDIS
A sharp rise in the price of crude oil was to be seen on Friday, its biggest daily gain in two years, as OPEC reached a deal to raise output. Despi ...
Monday, 25 June 18
AUSTRALIA'S NEWCASTLE PORT SHIPPED 12.179 MT OF COAL IN MAY; DOWN 14.77% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU1,453.6 Mi ...
Monday, 25 June 18
COAL IN THE CROSSFIRE: CHINESE TRADERS WARY OF BEING BURNT BY TRADE WAR - REUTERS
At least three U.S. coal shipments on their way to China may end up casualties of the escalating trade dispute after Beijing said it would impose s ...
Saturday, 23 June 18
COAL GROUP TARGETS 9 PER CENT REVENUE SPIKE - VIET NAM NEWS
Viet Nam News reported, the Viet Nam National Coal and Mineral Industries Group (Vinacomin or TKV) is targeting VNĐ116.9 trillion (US$5.1 billion) ...
Thursday, 21 June 18
ROBUST ASIAN THERMAL COAL DEMAND CREATES OPPORTUNITIES FOR AUSTRALIA - MINERALS COUNCIL OF AUSTRALIA
Minerals Council of Australia reported, Australia’s world-class coal mining industry can create more jobs in Australia and strengthen t ...
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- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- MS Steel International - UAE
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- Bhoruka Overseas - Indonesia
- London Commodity Brokers - England
- CNBM International Corporation - China
- Mercuria Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- Videocon Industries ltd - India
- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- European Bulk Services B.V. - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- The Treasury - Australian Government
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- Maharashtra Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- Bhatia International Limited - India
- Vizag Seaport Private Limited - India
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- White Energy Company Limited
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- Banpu Public Company Limited - Thailand
- ICICI Bank Limited - India
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- Edison Trading Spa - Italy
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- Oldendorff Carriers - Singapore
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- PTC India Limited - India
- Central Electricity Authority - India
- San Jose City I Power Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- Posco Energy - South Korea
- Aditya Birla Group - India
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- South Luzon Thermal Energy Corporation
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- Jaiprakash Power Ventures ltd
- Merrill Lynch Commodities Europe
- Uttam Galva Steels Limited - India
- Electricity Generating Authority of Thailand
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Tamil Nadu electricity Board
- VISA Power Limited - India
- Baramulti Group, Indonesia
- Lanco Infratech Ltd - India
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- Georgia Ports Authority, United States
- Independent Power Producers Association of India
- Commonwealth Bank - Australia
- Malabar Cements Ltd - India
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- Economic Council, Georgia
- The University of Queensland
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- Planning Commission, India
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Jorong Barutama Greston.PT - Indonesia
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