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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, 27 March 18
SHIPPING MARKET ANALYSIS - GERRY LATHROP
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Friday, 23 March 18
RIO TINTO AGREES SALE OF HAIL CREEK AND VALERIA TO GLENCORE FOR $1.7 BILLION
Press Release: Rio Tinto has entered into a binding agreement with Glencore for the sale of its entire interests in the Hail Creek coal mine and th ...
Wednesday, 21 March 18
CHINA'S RAW COAL OUTPUT UP IN 2017, FIRST GROWTH SINCE 2014 - XINHUA
China’s raw coal output rose in 2017 due to rebounding demand and high-quality capacity, according to the National Bureau of Statistics (NBS) ...
Wednesday, 21 March 18
MARKET INSIGHT - CHRISTOPHER T. WHITTY
President’s Trump administration proposed tariffs on steel and aluminum imports in an attempt to target China and Europe among others. Earlie ...
Tuesday, 20 March 18
SHIPPING MARKET ANALYSIS - GEORGE LAZARIDIS
It has been a chilling start to the week for the global economy, with the vast majority of stock exchanges noting a fair drop, after a series of se ...
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- OPG Power Generation Pvt Ltd - India
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Bhatia International Limited - India
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Leighton Contractors Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Oldendorff Carriers - Singapore
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- Bayan Resources Tbk. - Indonesia
- Standard Chartered Bank - UAE
- Global Green Power PLC Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- CNBM International Corporation - China
- Global Coal Blending Company Limited - Australia
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- TeaM Sual Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- Ministry of Mines - Canada
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- Miang Besar Coal Terminal - Indonesia
- Attock Cement Pakistan Limited
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- White Energy Company Limited
- Parry Sugars Refinery, India
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- IEA Clean Coal Centre - UK
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- Australian Coal Association
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- Lanco Infratech Ltd - India
- Kohat Cement Company Ltd. - Pakistan
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