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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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Monday, 21 December 20
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- Energy Link Ltd, New Zealand
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- Thai Mozambique Logistica
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Aditya Birla Group - India
- Posco Energy - South Korea
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- Anglo American - United Kingdom
- Straits Asia Resources Limited - Singapore
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- ICICI Bank Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- Planning Commission, India
- Global Green Power PLC Corporation, Philippines
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- Power Finance Corporation Ltd., India
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- South Luzon Thermal Energy Corporation
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- Eastern Energy - Thailand
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Kapuas Tunggal Persada - Indonesia
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Australian Coal Association
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bhoruka Overseas - Indonesia
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- Africa Commodities Group - South Africa
- The University of Queensland
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Interocean Group of Companies - India
- Edison Trading Spa - Italy
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Parry Sugars Refinery, India
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- OPG Power Generation Pvt Ltd - India
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- Attock Cement Pakistan Limited
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- Heidelberg Cement - Germany
- Coalindo Energy - Indonesia
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- Bhatia International Limited - India
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
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