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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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Thursday, 25 January 24
THE RED SEA ESCALATION IMPLICATIONS ON GLOBAL SEABORNE TRADE - MARIA BERTZELETOU
In recent days, discussions have intensified about the potential impact on the seaborne trade and ton-miles due to the evolving dynamics of market ...
Thursday, 25 January 24
RED SEA SHIPPING DISRUPTIONS KEEP GEOPOLITICAL PREMIUM FOR COMMODITIES - FITCH RATINGS
Shipping disruptions and re-routing away from the Red Sea will maintain the geopolitical premium in the main commodity markets, including for oil a ...
Friday, 19 January 24
INDONESIA TARGETS 710 MLN METRIC TONS COAL OUTPUT IN 2024 AFTER RECORD 2023 - REUTERS
Indonesia, a major thermal coal exporter, aims to produce 710 million metric tons of coal in 2024, its mining minister said on Monday, after postin ...
Friday, 19 January 24
DRUMMOND COLOMBIA COAL OUTPUT ROSE 7.1% IN 2023 - REUTERS
Coal production from miner Drummond’s Colombia operations rose 7.1% in 2023 to 29.5 million metric tons, while exports declined by 2.6% to 27 ...
Friday, 19 January 24
CHINA'S 2023 COAL OUTPUT HITS RECORD HIGH - REUTERS
China’s coal output reached a record high in 2023, data from the statistics bureau showed on Wednesday, amid an ongoing focus on energy secur ...
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- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- Gujarat Sidhee Cement - India
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Larsen & Toubro Limited - India
- Bukit Baiduri Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- Africa Commodities Group - South Africa
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- Xindia Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- Orica Mining Services - Indonesia
- Economic Council, Georgia
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Agrawal Coal Company - India
- Vijayanagar Sugar Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- Simpson Spence & Young - Indonesia
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mercator Lines Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- Energy Link Ltd, New Zealand
- Sakthi Sugars Limited - India
- Central Electricity Authority - India
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
- Posco Energy - South Korea
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- The University of Queensland
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- Parliament of New Zealand
- Australian Coal Association
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
- The State Trading Corporation of India Ltd
- IHS Mccloskey Coal Group - USA
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- Indonesian Coal Mining Association
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Global Business Power Corporation, Philippines
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