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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, 26 June 18
A SHARP RISE IN THE PRICE OF CRUDE OIL WAS TO BE SEEN ON FRIDAY, ITS BIGGEST DAILY GAIN IN TWO YEARS - GEORGE LAZARIDIS
A sharp rise in the price of crude oil was to be seen on Friday, its biggest daily gain in two years, as OPEC reached a deal to raise output. Despi ...
Monday, 25 June 18
AUSTRALIA'S NEWCASTLE PORT SHIPPED 12.179 MT OF COAL IN MAY; DOWN 14.77% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU1,453.6 Mi ...
Monday, 25 June 18
COAL IN THE CROSSFIRE: CHINESE TRADERS WARY OF BEING BURNT BY TRADE WAR - REUTERS
At least three U.S. coal shipments on their way to China may end up casualties of the escalating trade dispute after Beijing said it would impose s ...
Saturday, 23 June 18
COAL GROUP TARGETS 9 PER CENT REVENUE SPIKE - VIET NAM NEWS
Viet Nam News reported, the Viet Nam National Coal and Mineral Industries Group (Vinacomin or TKV) is targeting VNĐ116.9 trillion (US$5.1 billion) ...
Thursday, 21 June 18
ROBUST ASIAN THERMAL COAL DEMAND CREATES OPPORTUNITIES FOR AUSTRALIA - MINERALS COUNCIL OF AUSTRALIA
Minerals Council of Australia reported, Australia’s world-class coal mining industry can create more jobs in Australia and strengthen t ...
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- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Marubeni Corporation - India
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- LBH Netherlands Bv - Netherlands
- Vizag Seaport Private Limited - India
- Parry Sugars Refinery, India
- Merrill Lynch Commodities Europe
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Independent Power Producers Association of India
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sarangani Energy Corporation, Philippines
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- MS Steel International - UAE
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Madhucon Powers Ltd - India
- San Jose City I Power Corp, Philippines
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Commodity Traders Exchange
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Meenaskhi Energy Private Limited - India
- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- Wilmar Investment Holdings
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Posco Energy - South Korea
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- The University of Queensland
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Carbofer General Trading SA - India
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- Parliament of New Zealand
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- Altura Mining Limited, Indonesia
- Eastern Energy - Thailand
- CNBM International Corporation - China
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- Uttam Galva Steels Limited - India
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- The State Trading Corporation of India Ltd
- Formosa Plastics Group - Taiwan
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Trasteel International SA, Italy
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- Indonesian Coal Mining Association
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
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