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