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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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Saturday, 01 February 20
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Friday, 31 January 20
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- PetroVietnam Power Coal Import and Supply Company
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Aboitiz Power Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Krishnapatnam Port Company Ltd. - India
- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- Central Java Power - Indonesia
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- Posco Energy - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- Sakthi Sugars Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- New Zealand Coal & Carbon
- Romanian Commodities Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Planning Commission, India
- Trasteel International SA, Italy
- Antam Resourcindo - Indonesia
- SN Aboitiz Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
- Heidelberg Cement - Germany
- GMR Energy Limited - India
- Thiess Contractors Indonesia
- Coalindo Energy - Indonesia
- Mjunction Services Limited - India
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- White Energy Company Limited
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- PowerSource Philippines DevCo
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- McConnell Dowell - Australia
- International Coal Ventures Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Ministry of Mines - Canada
- Central Electricity Authority - India
- PTC India Limited - India
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- Australian Coal Association
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Directorate General of MIneral and Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- London Commodity Brokers - England
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- VISA Power Limited - India
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
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