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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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Friday, 18 May 18
INDONESIA'S SAMARINDA ANCHORAGE COAL LOADING ACTIVITIES WERE RESUMED YESTERDAY AT 4PM LOCAL TIME
Samarinda Anchorage coal loading activities were resumed yesterday at 4PM local time.
Local fishermen in Samarinda Anchorage have been demonst ...
Wednesday, 16 May 18
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
Half-way through the second quarter of the year and as the Posidonia week approaches everyone is getting ready for this unique gathering that besid ...
Thursday, 10 May 18
PRIVATE POWER PRODUCERS NEED A 'POWERFUL PUSH' - PRADEEP MITTAL
- PLF of the Private Sector in the country (Coal and Lignite based) for FY 2017-18 (till Dec 2017) is 56%.
- 51 GW of stressed assets (Thermal &a ...
Tuesday, 08 May 18
BUMA SIGNED OVER US$1 BILLION WORTH OF NEW CONTRACT WITH PT INDONESIA PRATAMA
PT Delta Dunia Makmur Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama, has entered into mining services contracts with PT Indones ...
Monday, 07 May 18
BENCHMARK PRICE OF INDONESIAN THERMAL COAL DROPPED BACK BELOW $90 A TON THIS MONTH
COALspot.com: According to latest ministerial decree No. 1812 K/30/MEM/2018 dated 3 May 2018, the Indonesian Coal Price Reference (HBA) decline 5.5 ...
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- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Jindal Steel & Power Ltd - India
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- VISA Power Limited - India
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- Indian Oil Corporation Limited
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- Samtan Co., Ltd - South Korea
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
- PTC India Limited - India
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- Eastern Coal Council - USA
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- Australian Coal Association
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- Sojitz Corporation - Japan
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- Thai Mozambique Logistica
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- Central Java Power - Indonesia
- Ind-Barath Power Infra Limited - India
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- Singapore Mercantile Exchange
- Madhucon Powers Ltd - India
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- White Energy Company Limited
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- Eastern Energy - Thailand
- Coalindo Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- GMR Energy Limited - India
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- Wilmar Investment Holdings
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
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