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