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Wednesday, 23 May 18
TANKER MARKET INSIGHT - TIMOS PAPADIMITRIOU
 In the last six months we have seen more than 110 reported tanker transactions involving tonnage larger than 32k dwt and younger than 18 years old. The transactions are more or less equally segregated between crude and product tonnage, with crude carrier transactions slightly more than product ones). Among these sales we notice a bit of imbalance occurring at the depreciation that is associated with age and type.
When it comes to tankers the rule of thumb states that after a ship passes the 10 year mark its value depreciates at a faster rate. More so in a market that has being depressed or declining for more than 18 months as the current one.
At this stage the only segment that has shown remarkable resilience are the S. Korean built MR tankers 10 years old or younger. These ships seem to defy the overall trend and are actually resisting to price discounts rather strongly. A representative example is the Kirk and Norden deal involving two vessels both 2009 built which were reported sold at $18.65m each. In June 2017 the ex- “KIRSTIN” (50,078dwt-blt 09, S. Korea) was sold to Norden at a reported price of $19.25m. Hence, the same buyer bought similar vessels with the two deals taking place a year apart and with only a 3.1% decrease on the respective values.
Similar resilience can be seen on Japanese tonnage but for earlier built ships. The “CHRISTINA KIRK” (53,540dwt-blt 10, Japan) was recently sold for a price of $17.75m, while last year the “NORD INTEGRITY” (48,026dwt-blt 10, Japan) was sold after its long T/C for a price of $17.50m. The $250k difference (as reported) can be even argued as a reasonable premium due to the deadweight difference. But if you look at values of Japanese MRs of even a year older, these seem to be depreciating at more reasonable 8% per year For example the “HIGH ENTERPRISE” (45,967dwt-blt 09, Japan) and the “SILVER EXPRESS” (47,401dwt-blt 09, Japan) were both committed at low $16.0m. The deal did not go thought and one can argue that this happened due to their respective condition, specs and the overall nature of each deal. But this sort of parameters rarely influences a deep-well ship.
Now if we take a look at MRs older than 10 years and regardless of where they are built, a massacre takes place. The closer a vessel approaches to the 15-yr mark the harder it becomes to retain its value. A recent example is the BP owned vessels (47,000dwt-blt 05, S. Korea), which were fixed and failed two months ago in the region of $12.0m each and were once again committed last week for $10.7m per vessel. Even vessels built in 2006 or 2007 seem to be having trouble finding keen buyers.
As far as overall sentiment is concerned, the majority of the product players do not expect any signs of recovery before Q1 2019. There have been some voices supporting that recovery will start earlier. These were mostly cased around the product and crude reserves and what happens historically. Either or, expectations that around the same time next year we will be seeing a better market are unified.
So asset wise we can say that more or less we are now going through the bottom of this cycle or –most optimistically – that we very recently reached it, while the second half of the year will most probably offer more clear signs in regards to how long it will be before optimism returns to the market.
By Timos Papadimitriou
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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Friday, 06 September 24
REBOUND IN OIL DEMAND COULD LIFT MARKET IN LATTER HALF OF 2024 - BIMCO
Supply/demand
Based on a strong second half demand, the supply/balance is forecast to strengthen in 2024 but weaken slightly in 2025 as n ...
Friday, 06 September 24
GLOBAL SEABORNE LNG TRADE HAS CONTINUED TO INCREASE LAST YEAR - BANCHERO COSTA
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Wednesday, 28 August 24
SEABORNE COAL IMPORTS INTO INDIA INCREASED BY +9.9% Y-O-Y TO 146.6 MLN T - BANCHERO COSTA
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Tuesday, 06 August 24
EXERCISE CAUTION WITH AMMONIA SWITCH - BALTIC EXCHANGE
A new study from the Massachusetts Institute of Technology (MIT) has thrown a spanner into the plan to transition ships from diesel fuel to ammonia ...
Friday, 02 August 24
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The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a ...
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- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Indika Energy - Indonesia
- PTC India Limited - India
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- Power Finance Corporation Ltd., India
- Eastern Energy - Thailand
- Uttam Galva Steels Limited - India
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- Coal and Oil Company - UAE
- Vizag Seaport Private Limited - India
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- VISA Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- Anglo American - United Kingdom
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- MS Steel International - UAE
- The Treasury - Australian Government
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- ASAPP Information Group - India
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Bhatia International Limited - India
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Heidelberg Cement - Germany
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Australian Coal Association
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- ICICI Bank Limited - India
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- Ministry of Mines - Canada
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- AsiaOL BioFuels Corp., Philippines
- Indogreen Group - Indonesia
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Thiess Contractors Indonesia
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- Energy Development Corp, Philippines
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Global Business Power Corporation, Philippines
- Star Paper Mills Limited - India
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- Wilmar Investment Holdings
- Minerals Council of Australia
- Independent Power Producers Association of India
- Bhushan Steel Limited - India
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- GMR Energy Limited - India
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- Price Waterhouse Coopers - Russia
- McConnell Dowell - Australia
- Indonesian Coal Mining Association
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