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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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Monday, 08 January 24
KOSPO TO BUY 80000 MT OF INDONESIAN LOW CALORIFIC VALUE COAL FOR FEB 2024
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for the supply of Indonesian Low Calorific Value Coal from qualified suppliers for Korean ...
Monday, 08 January 24
SEABORNE TRADE REACHES 12.4BN TONNES - CLARKSONS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
Monday, 08 January 24
CAPESIZES START THE NEW YEAR ON POSITIVE NOTE - BALTIC EXCHANGE
Capesize
This week the capsize market has been marked by a mix of activities and challenges. Despite a slow start following the Christmas and N ...
Friday, 05 January 24
MORGAN STANLEY SEES LOWER OIL PRICES IN 2024 ON OVERSUPPLY CONCERNS - REUTERS
Morgan Stanley sees Brent crude prices anchored near $80 per barrel in the first half in 2024 before declining towards the end of the year as it ex ...
Friday, 05 January 24
INDIA'S COAL OUTPUT RISES NEARLY 11 PC IN DEC TO 92.87 MT - PTI
India’s coal production increased by 10.75 per cent to 92.87 million tonne in December 2023 as compared to the year-ago period, an official s ...
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- Semirara Mining Corp, Philippines
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Star Paper Mills Limited - India
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- Ceylon Electricity Board - Sri Lanka
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Madhucon Powers Ltd - India
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- Indian Energy Exchange, India
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- Indian Oil Corporation Limited
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- Australian Coal Association
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Sarangani Energy Corporation, Philippines
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- Jindal Steel & Power Ltd - India
- Maheswari Brothers Coal Limited - India
- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- White Energy Company Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- The University of Queensland
- MS Steel International - UAE
- Medco Energi Mining Internasional
- Central Java Power - Indonesia
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- Marubeni Corporation - India
- Banpu Public Company Limited - Thailand
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- Ministry of Mines - Canada
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Romanian Commodities Exchange
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- LBH Netherlands Bv - Netherlands
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jorong Barutama Greston.PT - Indonesia
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- GVK Power & Infra Limited - India
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- Mercator Lines Limited - India
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- VISA Power Limited - India
- Agrawal Coal Company - India
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Riau Bara Harum - Indonesia
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Samtan Co., Ltd - South Korea
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Petron Corporation, Philippines
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
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