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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 July 18
INDONESIAN COAL PRICE REFERENCE HITS 74 MONTHS HIGH OF $104.65 A TON
COALspot.com: HBA keeps rising. According to latest ministerial decree No.1892 K/30/MEM/2018 dated 2 July 2018, the Indonesian Coal Price Reference ...
Tuesday, 03 July 18
COAL, THE SECOND MAIN COMMODITY FOR CAPES, HAS BEEN SHOWING A REMARKABLE RISE IN TRADE VOLUMES IN THE YEAR SO FAR - THOMAS CHASAPIS
Having reached the mid-point in the year, it seems to be a good time to summarize the overall trends noted in the Dry Bulk sector and more specific ...
Tuesday, 03 July 18
SUPRAMAX: A 56,000-DWT WAS FIXED BASIS DELIVERY SINGAPORE TRIP VIA INDONESIA, REDELIVERY CHINA, AT $12,100 - BALTIC BRIEFING
Capesize
The market generally drifted and by mid-week dropped to what some felt was an artificially low level, only to bounce back at the end o ...
Tuesday, 03 July 18
COAL OVERTAKES IRON ORE IN GOVERNMENT FORECASTS AS AUSTRALIA'S LARGEST EXPORT FOR 2018-19 - MINERALS COUNCIL OF AUSTRALIA
Coal is forecast to be Australia’s largest export earner at $58.1 billion in 2018-19 with iron ore exports forecast to earn $57.7 billion in ...
Monday, 02 July 18
THIESS SECURES NEW QCOAL NORTHERN HUB $480M CONTRACT
Thiess has been awarded a new A$480 million contract by QCoal to continue operations at the QCoal Northern Hub located in Queensland’s Bowen ...
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Showing 1681 to 1685 news of total 6871 |
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- Semirara Mining Corp, Philippines
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- Kobexindo Tractors - Indoneisa
- Bukit Makmur.PT - Indonesia
- Eastern Coal Council - USA
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- Bulk Trading Sa - Switzerland
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- Eastern Energy - Thailand
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Renaissance Capital - South Africa
- Petron Corporation, Philippines
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- SN Aboitiz Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- Sakthi Sugars Limited - India
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- Wilmar Investment Holdings
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- ASAPP Information Group - India
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- Deloitte Consulting - India
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- CNBM International Corporation - China
- Barasentosa Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Oldendorff Carriers - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Mintek Dendrill Indonesia
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- Siam City Cement - Thailand
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- Vizag Seaport Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Ind-Barath Power Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- MS Steel International - UAE
- Marubeni Corporation - India
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- London Commodity Brokers - England
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- Central Electricity Authority - India
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- Ministry of Finance - Indonesia
- Trasteel International SA, Italy
- Kaltim Prima Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- Chamber of Mines of South Africa
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- Borneo Indobara - Indonesia
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Indian Energy Exchange, India
- Indogreen Group - Indonesia
- Ministry of Transport, Egypt
- Australian Coal Association
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
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