Secondhand tanker values are on the rise despite the more cautious tone evident in the shipping sector, says Clarksons Platou Securities.
“Buying interest for older suezmax and aframax tankers has put upwards pressure on prices,” it said Monday.
A 10-year-old suezmax is now assessed as being worth $37.5m, up from $36m last week, according to Clarksons investment banking arm.
Older ships have seen even greater price appreciation, with a 15-year-old suezmax now worth 13% more than a week ago at $37.5m.
Last week the shipbroker reported that clients of K G Jebsen had sold the 159,438-dwt SKS Saluda (built 2003) for $22m to Far East interests, with dry dock due in June 2021.
“The price shows continued confidence in the market for older suezmaxes, which has been particularly resilient against the backdrop of the recent coronavirus outbreak,” Clarksons said.
In the aframax sector Clarksons Platou said five-year old crude tankers are assessed at $42.5m up from $41m, while LR2 product tankers are valued at $44.5m, up from $43m.
Clarkson Platou said this upward revision in secondhand values in the suezmax and aframax trades has positive ramifications for net asset values (NAVs).
As a result, the bank has increased its assessment for Teekay Tankers’ NAV from $20 per share to $22 per share given that it is heavily engaged in these two tanker segments.
However, the Oslo-based investment bank says values for younger tonnage are now “under some pressure”.
It said $1m had been shaved off the value of a VLCC resale to $104m following Euronav’s deal for three VLCCs under construction for delivery in 2021 at $93.5m apiece compared to the $107m price tag last month for a promptly delivering VLCC newbuilding.
