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