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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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Wednesday, 31 January 24
CHINA'S INNER MONGOLIA COAL OUTPUT HIT 1.21B TONS IN 2023 - XINHUA
North China’s Inner Mongolia autonomous region churned out 1.21 billion tons of coal in 2023 as it strives to guarantee the country’s e ...
Wednesday, 31 January 24
GAS EXPORTS COST U.S. CONSUMERS MORE THAN $100 BILLION OVER 16-MONTH PERIOD - IEEFA
Limited Demand Growth Could Dampen the Dry Bulk Market in the Coming Months BIMCOStarting in late 2021—before its invasion of Ukraine—R ...
Tuesday, 30 January 24
LIMITED DEMAND GROWTH COULD DAMPEN THE DRY BULK MARKET IN THE COMING MONTHS - BIMCO
Demand
In our base scenario, we expect cargo demand to grow by 0-1% in 2024 and 0.5-1.5% in 2025. This is a 0.5 percentage point reduction for ...
Friday, 26 January 24
RED SEA DIVERSIONS ADD NEARLY A MILLION DOLLARS PER VOYAGE TO SHIPPING COSTS WHILE DOUBLING TRANSIT TIME - LSEG
The incremental costs of diverting a tanker from Asia to NW Europe via the Cape of Good Hope is accounting for an extra $932,905 USD per voyage whi ...
Friday, 26 January 24
HARD COAL GUARDIAN ANGEL OF THE ENERGY SUPPLY - GERMANY COAL IMPORTERS ASSOCIATION
- No security of supply without hard coal
- The Substitute Power Plant Provision Act (EKBG) must be extended
- Higher grid fees due to the ...
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- Bhatia International Limited - India
- Mjunction Services Limited - India
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Lanco Infratech Ltd - India
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- Tata Chemicals Ltd - India
- Vizag Seaport Private Limited - India
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Semirara Mining Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- White Energy Company Limited
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- CIMB Investment Bank - Malaysia
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- Toyota Tsusho Corporation, Japan
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- Krishnapatnam Port Company Ltd. - India
- Indika Energy - Indonesia
- New Zealand Coal & Carbon
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- Commonwealth Bank - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- Barasentosa Lestari - Indonesia
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- Mercuria Energy - Indonesia
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- Orica Mining Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Sree Jayajothi Cements Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- Savvy Resources Ltd - HongKong
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- Borneo Indobara - Indonesia
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- SN Aboitiz Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Wilmar Investment Holdings
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- Orica Australia Pty. Ltd.
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Mercator Lines Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- Indian Energy Exchange, India
- GMR Energy Limited - India
- Deloitte Consulting - India
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- Baramulti Group, Indonesia
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- PTC India Limited - India
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- Binh Thuan Hamico - Vietnam
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- Indogreen Group - Indonesia
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