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