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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, 22 November 23
INDIA: GOVERNMENT PLANS 1.4 BILLION TONNE COAL OUTPUT BY 2027 - LIVEMINT
The Union coal ministry on Monday announced plans to increase India’s coal production to 1.404 billion tonne by 2027, with an eye to further ...
Wednesday, 22 November 23
OBLIGATION. INDONESIA AIMS TO START COLLECTING LEVIES FROM COAL MINERS IN JANUARY - REUTERS
Indonesia plans to start collecting levies from coal miners in January to be used to compensate miners who sell coal to the state utility at lower ...
Tuesday, 21 November 23
INDIAN COAL POWER PLANTS’ CAPACITY UTILISATION WILL IMPROVE TO 65% THIS FISCAL: - CRISIL
Coal-based thermal power units’ plant load factor (PLF) or capacity utilisation will improve to 65 percent in the current fiscal year despite ...
Tuesday, 14 November 23
CAPITAL PRODUCT PARTNERS L.P. ANNOUNCES TRANSFORMATIVE TRANSACTION INCLUDING THE ACQUISITION OF 11 NEWBUILD LNG CARRIERS FOR $3.1 BILLION
Capital Product Partners L.P. announced that it has entered into an umbrella agreement (the “Umbrella Agreement”) with Capital Maritime ...
Tuesday, 14 November 23
COAL INDIA BEATS Q2 PROFIT VIEW ON HIGH POWER DEMAND AMID WEAK MONSOON - REUTERS
Coal India on Friday reported better-than-expected second-quarter profit, helped by high power demand and boosted production amid a weak monsoon.
...
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- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Tamil Nadu electricity Board
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- Bhatia International Limited - India
- Parliament of New Zealand
- Lanco Infratech Ltd - India
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Directorate Of Revenue Intelligence - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Energy Development Corp, Philippines
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Meralco Power Generation, Philippines
- Semirara Mining Corp, Philippines
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- Deloitte Consulting - India
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- ASAPP Information Group - India
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- The University of Queensland
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Barasentosa Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Electricity Generating Authority of Thailand
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Minerals Council of Australia
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- Central Java Power - Indonesia
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Global Green Power PLC Corporation, Philippines
- Madhucon Powers Ltd - India
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- Semirara Mining and Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- Samtan Co., Ltd - South Korea
- PTC India Limited - India
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- GAC Shipping (India) Pvt Ltd
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- Xindia Steels Limited - India
- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- IHS Mccloskey Coal Group - USA
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- Bangladesh Power Developement Board
- Attock Cement Pakistan Limited
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
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