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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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Monday, 11 June 18
AUSTRALIAN COAL PRICES HIT 6-YEAR HIGH AS ASIA DEMAND SPIKES - REUTERS
Australian thermal coal prices have risen to their highest level since 2012 as hot weather across North Asia spurs buying ahead of the peak summer ...
Monday, 11 June 18
ANALYSING A NEW AGE OF AUTONOMOUS VESSELS - IMO
The International Maritime Organization answers the questions of Government Europa on how the next generation of autonomous vessels can be regulate ...
Friday, 08 June 18
AUSTRALIAN THERMAL COAL PRICES SURGE AS ASIA DEMAND HEATS UP - REUTERS
Australian thermal coal prices have hit their highest level since late 2016 as the market heats up on strong demand across North Asia and China in ...
Wednesday, 06 June 18
SHIPPING MARKET INSIGHT - KATERINA RESTIS
As observed last month the price of oil hit its highest level since November 2014 reaching $80 per barrel. Global oil demand growth for 2018 was sl ...
Tuesday, 05 June 18
SOUTH KOREA'S SULPHUR CAP ALTERS ASIAN COAL MARKET DYNAMICS: RUSSELL
South Korea’s imposition of a strict sulphur cap on its imported coal is likely to cause ripples across Asia’s markets for the pollutin ...
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- CNBM International Corporation - China
- Interocean Group of Companies - India
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- Ind-Barath Power Infra Limited - India
- Wood Mackenzie - Singapore
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
- Chamber of Mines of South Africa
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Kaltim Prima Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Videocon Industries ltd - India
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- Posco Energy - South Korea
- Petron Corporation, Philippines
- Parliament of New Zealand
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- TeaM Sual Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Cement Manufacturers Association - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Power Finance Corporation Ltd., India
- Central Java Power - Indonesia
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- Renaissance Capital - South Africa
- International Coal Ventures Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Wilmar Investment Holdings
- VISA Power Limited - India
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Australian Coal Association
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- MS Steel International - UAE
- New Zealand Coal & Carbon
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Siam City Cement - Thailand
- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
- Xindia Steels Limited - India
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
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