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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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Saturday, 24 February 18
CHINA BECOMES WORLD'S SECOND LARGEST LNG IMPORTER, BEHIND JAPAN - EIA
China surpassed South Korea to become the world’s second-largest importer of liquefied natural gas (LNG) in 2017, according to data from IHS ...
Friday, 23 February 18
ESTIMATED U.S. WEEKLY COAL PRODUCTION UP 2.8 PER CENT W/E 17 FEB' 18 - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.6 million short tons ...
Thursday, 22 February 18
WHY THE COMMODITY RALLY WILL GET BACK ON TRACK - SIMON FLOWERS
Implications for the US dollar and producers
Are we in the early stages of a sustained rise in commodity prices? And what does it mean for the ...
Thursday, 22 February 18
PANAMAX: IT HAS BEEN A SLOW AND UNEVENTFUL WEEK - FEARNLEYS
Supramax
Slight improvement from Atlantic with more hope for upcoming weeks. More grain cargoes from Black Sea made fhaul rates better again $17- ...
Wednesday, 21 February 18
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
2017 proved to be a relatively good year with positive margins for the Dry Bulk market. Especially during the last quarter of the year everyone can ...
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Showing 1796 to 1800 news of total 6871 |
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- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- PTC India Limited - India
- Vedanta Resources Plc - India
- Antam Resourcindo - Indonesia
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- Essar Steel Hazira Ltd - India
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- MS Steel International - UAE
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petron Corporation, Philippines
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- Australian Coal Association
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- Sindya Power Generating Company Private Ltd
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Indonesian Coal Mining Association
- PNOC Exploration Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Xindia Steels Limited - India
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Agrawal Coal Company - India
- Parliament of New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- Vijayanagar Sugar Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- Sakthi Sugars Limited - India
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Banpu Public Company Limited - Thailand
- International Coal Ventures Pvt Ltd - India
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Therma Luzon, Inc, Philippines
- PowerSource Philippines DevCo
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- Minerals Council of Australia
- GN Power Mariveles Coal Plant, Philippines
- Romanian Commodities Exchange
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- White Energy Company Limited
- Thai Mozambique Logistica
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