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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, 05 January 24
BANGLADESH’S 2023 COAL-FIRED POWER OUTPUT TRIPLED, EASING SHORTAGES - REUTERS
Bangladesh nearly tripled its coal-fired power output in 2023, a Reuters analysis of government data showed, helping it tide over the worst power s ...
Tuesday, 02 January 24
COAL TRADE CONTINUES TO HEAD EAST - BALTIC EXCHANGE
The global coal trade, once concentrated in the Pacific and Atlantic basins, is undergoing a significant transformation, as highlighted in the Inte ...
Tuesday, 02 January 24
COAL CARGOES: AVOIDING EXPLOSION AND SELF-HEATING - GARD
KNOWLEDGE TO ELEVATE
Despite its contribution to greenhouse gas emissions, global coal consumption climbed to an all-time high in 2022 and is ...
Tuesday, 02 January 24
SINOPEC FORECASTS CHINA’S COAL CONSUMPTION TO PEAK AROUND 2025 - REUTERS
China Petrochemical Corp, or Sinopec, expects coal consumption to peak around 2025 at 4.37 billion metric tons, the state energy group said in an o ...
Thursday, 07 December 23
CHINA TO SET UP COAL PRODUCTION RESERVE TO STABILISE PRICES - REUTERS
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 ...
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- Lanco Infratech Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- Global Green Power PLC Corporation, Philippines
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- Coalindo Energy - Indonesia
- PTC India Limited - India
- Sical Logistics Limited - India
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- Orica Mining Services - Indonesia
- Xindia Steels Limited - India
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- New Zealand Coal & Carbon
- Australian Coal Association
- Vizag Seaport Private Limited - India
- India Bulls Power Limited - India
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- Deloitte Consulting - India
- Bhushan Steel Limited - India
- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- CNBM International Corporation - China
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- Formosa Plastics Group - Taiwan
- Merrill Lynch Commodities Europe
- Gujarat Sidhee Cement - India
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Interocean Group of Companies - India
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Tata Chemicals Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- The University of Queensland
- Cement Manufacturers Association - India
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- Marubeni Corporation - India
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- GMR Energy Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- PowerSource Philippines DevCo
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- Makarim & Taira - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- VISA Power Limited - India
- ICICI Bank Limited - India
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Manunggal Multi Energi - Indonesia
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