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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, 01 May 18
GLOBAL MINER PEABODY EYES SALES OPPORTUNITY IN INDIA’S RISING COAL IMPORTS - BUSINESS STANDARD
Indian imports of coal will continue to rise, reckons the world’s largest private sector coal miner Peabody Energy. Glenn Kellow, president a ...
Saturday, 28 April 18
STRONG ASIAN DEMAND CONTINUES TO HOLD UP THERMAL COAL MARKETS - REUTERS
Asian thermal coal demand is defying its typical seasonal slowdown as well as the expanding use of renewables and natural gas, with prices holding ...
Friday, 27 April 18
PEABODY ENERGY'S REVENUES FOR THE FIRST QUARTER ROSE 10 PERCENT OVER THE PRIOR YEAR TO $1.46 BILLION
Peabody Energy's revenues for the first quarter rose 10 percent over the prior year to $1.46 billion driven by improved seaborne coal pricing a ...
Thursday, 26 April 18
BALTIC EXCHANGE LAUNCHES ESCROW SERVICE FOR VESSEL SALES
The Baltic Exchange will be launching an Escrow Service for its members to hold deposits for ship sale transactions. The move will allow Baltic Exc ...
Thursday, 26 April 18
COAL PRICES ARE EXPECTED TO AVERAGE $85/MT IN 2018, DOWN SLIGHTLY FROM 2017 - WORLD BANK
Coal prices rose 4 percent in the first quarter (q/q), following a surge of 34 percent in 2017, mainly due to strong consumption in China spurred b ...
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- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- Salva Resources Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Goldman Sachs - Singapore
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- MS Steel International - UAE
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- South Luzon Thermal Energy Corporation
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- Standard Chartered Bank - UAE
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Meralco Power Generation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- Ind-Barath Power Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- Wood Mackenzie - Singapore
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- Meenaskhi Energy Private Limited - India
- European Bulk Services B.V. - Netherlands
- Therma Luzon, Inc, Philippines
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- SMG Consultants - Indonesia
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Metalloyd Limited - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- Borneo Indobara - Indonesia
- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Semirara Mining Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Australian Coal Association
- Eastern Energy - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- Carbofer General Trading SA - India
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement PLC, Thailand
- New Zealand Coal & Carbon
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- Ambuja Cements Ltd - India
- Aditya Birla Group - India
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Intertek Mineral Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMC Global Power, Philippines
- Ministry of Mines - Canada
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- Romanian Commodities Exchange
- Baramulti Group, Indonesia
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- The University of Queensland
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- Coal and Oil Company - UAE
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
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