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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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Wednesday, 25 November 20
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- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- Banpu Public Company Limited - Thailand
- Georgia Ports Authority, United States
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Makarim & Taira - Indonesia
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- Samtan Co., Ltd - South Korea
- Kobexindo Tractors - Indoneisa
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- GMR Energy Limited - India
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- VISA Power Limited - India
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Asmin Koalindo Tuhup - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- New Zealand Coal & Carbon
- McConnell Dowell - Australia
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Heidelberg Cement - Germany
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- PNOC Exploration Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Independent Power Producers Association of India
- Barasentosa Lestari - Indonesia
- Coal and Oil Company - UAE
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- Australian Coal Association
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Ministry of Transport, Egypt
- Maharashtra Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- White Energy Company Limited
- India Bulls Power Limited - India
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- Larsen & Toubro Limited - India
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- ASAPP Information Group - India
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Goldman Sachs - Singapore
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- Energy Development Corp, Philippines
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- Attock Cement Pakistan Limited
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Aditya Birla Group - India
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- Ambuja Cements Ltd - India
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- International Coal Ventures Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- The University of Queensland
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- Wood Mackenzie - Singapore
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- Ministry of Mines - Canada
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