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