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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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Tuesday, 09 June 20
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- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- IEA Clean Coal Centre - UK
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- Cement Manufacturers Association - India
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- Manunggal Multi Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- ASAPP Information Group - India
- Chamber of Mines of South Africa
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Planning Commission, India
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- Riau Bara Harum - Indonesia
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- VISA Power Limited - India
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- GVK Power & Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Deloitte Consulting - India
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- Australian Coal Association
- Marubeni Corporation - India
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Standard Chartered Bank - UAE
- Jorong Barutama Greston.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- Indo Tambangraya Megah - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Aboitiz Power Corporation - Philippines
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- White Energy Company Limited
- Dalmia Cement Bharat India
- Kepco SPC Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
- Latin American Coal - Colombia
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Thiess Contractors Indonesia
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- GMR Energy Limited - India
- Gujarat Sidhee Cement - India
- Africa Commodities Group - South Africa
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- The State Trading Corporation of India Ltd
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- IHS Mccloskey Coal Group - USA
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Malabar Cements Ltd - India
- New Zealand Coal & Carbon
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- Petron Corporation, Philippines
- Ministry of Finance - Indonesia
- McConnell Dowell - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- Star Paper Mills Limited - India
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