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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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Friday, 06 March 20
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- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Power Finance Corporation Ltd., India
- Global Coal Blending Company Limited - Australia
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Australian Coal Association
- GMR Energy Limited - India
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- GVK Power & Infra Limited - India
- ASAPP Information Group - India
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- Kideco Jaya Agung - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Indika Energy - Indonesia
- Orica Mining Services - Indonesia
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Planning Commission, India
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- Iligan Light & Power Inc, Philippines
- Georgia Ports Authority, United States
- The University of Queensland
- Minerals Council of Australia
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- The Treasury - Australian Government
- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Port Waratah Coal Services - Australia
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- Commonwealth Bank - Australia
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- Ministry of Finance - Indonesia
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- Global Business Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- Jindal Steel & Power Ltd - India
- Vedanta Resources Plc - India
- Formosa Plastics Group - Taiwan
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Bhatia International Limited - India
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMC Global Power, Philippines
- Grasim Industreis Ltd - India
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Oldendorff Carriers - Singapore
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- SN Aboitiz Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- Bukit Makmur.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
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