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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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Thursday, 07 May 20
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Thursday, 07 May 20
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- Marubeni Corporation - India
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- Leighton Contractors Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Ambuja Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- Madhucon Powers Ltd - India
- ICICI Bank Limited - India
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- Bayan Resources Tbk. - Indonesia
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- Coastal Gujarat Power Limited - India
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- Orica Mining Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- South Luzon Thermal Energy Corporation
- SMG Consultants - Indonesia
- Bhoruka Overseas - Indonesia
- Planning Commission, India
- Energy Link Ltd, New Zealand
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- Gujarat Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- Binh Thuan Hamico - Vietnam
- PowerSource Philippines DevCo
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Eastern Energy - Thailand
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- Altura Mining Limited, Indonesia
- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- Dalmia Cement Bharat India
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- Wilmar Investment Holdings
- Deloitte Consulting - India
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Orica Australia Pty. Ltd.
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- CIMB Investment Bank - Malaysia
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- The University of Queensland
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- Interocean Group of Companies - India
- Manunggal Multi Energi - Indonesia
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- Riau Bara Harum - Indonesia
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- Xindia Steels Limited - India
- PTC India Limited - India
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Attock Cement Pakistan Limited
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