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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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Wednesday, 30 May 18
SHIPPING MARKET INSIGHT - ILIAS M. LALAOUNIS
Among several hot topics that will be discussed during the Posidonia week, the International Maritime Organization regulation that will be enforced ...
Tuesday, 29 May 18
BLOCKCHAIN CAN HAVE A TRANSFORMATIVE EFFECT ON THE SHIPPING INDUSTRY
KNOWLEDGE TO ELEVATE
Following the launch of a legal briefing on blockchain contracts from UK P&I Club, Claims Executive, Filip Koscieleck ...
Tuesday, 29 May 18
INDIA'S COAL IMPORT DECLINES IN APRIL AMID DIVERSION TO THERMAL POWER PLANTS - PTI
India’s coal import fell by 9 percent to 17.32 million tonnes (MT) in April on the back of ample supply of dry fuel from domestic sources.
...
Monday, 28 May 18
COAL SUPPLY DIVERSION IRKS INDUSTRIES DEPENDENT ON CAPTIVE POWER PLANTS - HINDU BUSINESS LINE
The government’s move to prioritise coal supplies to power plants with minimal coal stock has disrupted fuel supply to some sectors, which ha ...
Monday, 28 May 18
KOMIPO ISSUED ANOTHER TENDER FOR 130K MT OF 5700 NAR COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 130,000 mt of min. 5700 NAR coal of Australian origi ...
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Showing 1711 to 1715 news of total 6871 |
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- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- Chettinad Cement Corporation Ltd - India
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- Madhucon Powers Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- San Jose City I Power Corp, Philippines
- Renaissance Capital - South Africa
- Latin American Coal - Colombia
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- Chamber of Mines of South Africa
- PNOC Exploration Corporation - Philippines
- Anglo American - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- White Energy Company Limited
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
- Australian Coal Association
- Carbofer General Trading SA - India
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- India Bulls Power Limited - India
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Electricity Generating Authority of Thailand
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- Dalmia Cement Bharat India
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- Bhatia International Limited - India
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Indian Oil Corporation Limited
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Australian Commodity Traders Exchange
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Directorate General of MIneral and Coal - Indonesia
- Petron Corporation, Philippines
- Independent Power Producers Association of India
- Holcim Trading Pte Ltd - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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