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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, 25 April 18
TANKER MARKET INSIGHT - THEODOROS NTALAKOS
We had the opportunity to be part of Intertanko's Hellenic Mediterranean Panel last week in the SNFCC and to present an outlook on the tanker f ...
Tuesday, 24 April 18
IMPORTING INDONESIAN COAL MAKES SENSE FOR INDIAN COASTAL PLANTS EVEN WHEN IT IS COSTLIER THAN INDIAN - ECONOMIC TIMES
Rising Indonesian coal production and lower Chinese demand have pulled down Indonesian coal prices by 22% over the last 45 days, a trend that augur ...
Tuesday, 24 April 18
IMO AIMS TO HALVE GLOBAL SHIPPING EMISSIONS - BUT WHAT WILL IT COST? - WOOD MACKENZIE
Global bunker fuel costs could rise by up to US$60 billion annually from 2020, in a full compliance scenario, when the International Maritim ...
Tuesday, 24 April 18
TWO 56K-DWT OPEN HONG KONG AND SINGAPORE WERE FIXED FOR INDONESIA COAL TRIPS TO CHINA, AT $9,500 AND $11,000 RESPECTIVELY - BALTIC BRIEFING
Capesize
This week has seen the Cape 5 timecharter weighted average almost double. Similarly, the Brazil to China ore rates climbed over $4.50, f ...
Wednesday, 18 April 18
SHIPPING MARKET INSIGHT - STELIOS KOLLINTZAS
The return of traders and charterers from the Easter festivities came along with a slight increase in activity across the edible oil markets. Howev ...
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Showing 1736 to 1740 news of total 6871 |
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- Bhoruka Overseas - Indonesia
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
- Bharathi Cement Corporation - India
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
- Romanian Commodities Exchange
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- Grasim Industreis Ltd - India
- Siam City Cement PLC, Thailand
- Manunggal Multi Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- Alfred C Toepfer International GmbH - Germany
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- Bhushan Steel Limited - India
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- Deloitte Consulting - India
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- Orica Australia Pty. Ltd.
- Directorate Of Revenue Intelligence - India
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Interocean Group of Companies - India
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- TeaM Sual Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Star Paper Mills Limited - India
- Ministry of Transport, Egypt
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Formosa Plastics Group - Taiwan
- The Treasury - Australian Government
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- VISA Power Limited - India
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Pendopo Energi Batubara - Indonesia
- London Commodity Brokers - England
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- MS Steel International - UAE
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- Standard Chartered Bank - UAE
- PowerSource Philippines DevCo
- The University of Queensland
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- Power Finance Corporation Ltd., India
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
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