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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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Thursday, 05 April 18
INDONESIA TO POSTPONE NEW COAL, PALM OIL SHIPPING RULES TO 2020 - REUTERS
Indonesia will delay until 2020 trade rules requiring exporters of coal and crude palm oil to use only Indonesian-flagged vessels, government offic ...
Tuesday, 03 April 18
MARKET ANALYSIS - GEORGE LAZARIDIS
In the midst of a relatively quiet week for markets, with disruptions being caused by the Christian holidays, it seems as though we find ourselves ...
Monday, 02 April 18
THE FREIGHT RATES ARE EXPECTED TO BE FLAT TO SOFT, SAYS VISTAAR
The freight market softening to continue. Thursday, March 29, 2018, the Baltic Dry Index decreased by 42 points, reaching 1080 points.
T ...
Monday, 02 April 18
THIESS TO DELIVER $150M SENAKIN CONTRACT EXTENSION
Thiess has secured a $150 million contract extension to provide mine services at Arutmin’s Senakin coal mine in South Kalimantan, Indonesia.
...
Monday, 02 April 18
THIESS SECURES $240M SATUI EXTENSION
The successful implementation of an innovative mining plan by Thiess at the Satui coal mine in South Kalimantan, has resulted in a $240 million con ...
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- ICICI Bank Limited - India
- Aboitiz Power Corporation - Philippines
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- SMC Global Power, Philippines
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Salva Resources Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- Eastern Coal Council - USA
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- Romanian Commodities Exchange
- Savvy Resources Ltd - HongKong
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Indika Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- Parry Sugars Refinery, India
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- Jaiprakash Power Ventures ltd
- Deloitte Consulting - India
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- CNBM International Corporation - China
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Ministry of Finance - Indonesia
- Kobexindo Tractors - Indoneisa
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- Sinarmas Energy and Mining - Indonesia
- Tata Chemicals Ltd - India
- Port Waratah Coal Services - Australia
- Mercator Lines Limited - India
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- IHS Mccloskey Coal Group - USA
- Indian Oil Corporation Limited
- Australian Coal Association
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- Vizag Seaport Private Limited - India
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- Commonwealth Bank - Australia
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- Makarim & Taira - Indonesia
- PowerSource Philippines DevCo
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- Thai Mozambique Logistica
- New Zealand Coal & Carbon
- Latin American Coal - Colombia
- GN Power Mariveles Coal Plant, Philippines
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
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