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