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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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- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Deloitte Consulting - India
- White Energy Company Limited
- Mercator Lines Limited - India
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- Ministry of Finance - Indonesia
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- Aditya Birla Group - India
- OPG Power Generation Pvt Ltd - India
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- European Bulk Services B.V. - Netherlands
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Minerals Council of Australia
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- ICICI Bank Limited - India
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- Planning Commission, India
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Videocon Industries ltd - India
- The University of Queensland
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- Toyota Tsusho Corporation, Japan
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Energy Development Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- Parliament of New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Economic Council, Georgia
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Orica Mining Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- Port Waratah Coal Services - Australia
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- Alfred C Toepfer International GmbH - Germany
- Australian Coal Association
- PetroVietnam Power Coal Import and Supply Company
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- Asmin Koalindo Tuhup - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- Indian Energy Exchange, India
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- Bharathi Cement Corporation - India
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- Meralco Power Generation, Philippines
- VISA Power Limited - India
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
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