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