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