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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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Sunday, 10 September 23
CHINA AUGUST COAL IMPORTS OF 44.3 MLN T HIT RECORD - REUTERS
China, the world’s top coal consumer, imported 44.3 million metric tons of the fuel last month, customs data showed, the highest amount in an ...
Tuesday, 22 August 23
CHINA'S COAL PRODUCTION LOGS STEADY GROWTH IN JANUARY-JULY: XINHUA
China’s output of raw coal went up 3.6 percent year on year in the first seven months of this year, official data showed.
The ...
Sunday, 13 August 23
THE COMMODITIES FEED: LNG SUPPLY RISKS LINGER - ING
Energy – OPEC sees deficit over remainder of 2023
Oil prices came under some pressure yesterday with ICE Brent settling a litt ...
Wednesday, 09 August 23
COAL TRADE TO RETURN TO 2019 LEVELS - BALTIC EXCHANGE
The International Energy Agency’s mid-year Coal Market Update for 2023 brings both positive and concerning news for the global coal industry. ...
Sunday, 23 July 23
ANALYSIS-INDIA'S COAL MINING BET STUMBLES AS WARY BANKS WEIGH RISING RISKS - REUTERS
India’s drive to ramp up coal output to meet growing energy demand is faltering due to banks’ reluctance to finance newly auctioned min ...
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- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- Edison Trading Spa - Italy
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Metalloyd Limited - United Kingdom
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- Straits Asia Resources Limited - Singapore
- Bharathi Cement Corporation - India
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sojitz Corporation - Japan
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- Sinarmas Energy and Mining - Indonesia
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- Rio Tinto Coal - Australia
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- ASAPP Information Group - India
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bhoruka Overseas - Indonesia
- Energy Link Ltd, New Zealand
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- South Luzon Thermal Energy Corporation
- Gujarat Mineral Development Corp Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- Power Finance Corporation Ltd., India
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- Marubeni Corporation - India
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Georgia Ports Authority, United States
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- Star Paper Mills Limited - India
- Directorate General of MIneral and Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- Economic Council, Georgia
- Kideco Jaya Agung - Indonesia
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- Vijayanagar Sugar Pvt Ltd - India
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- Barasentosa Lestari - Indonesia
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Petron Corporation, Philippines
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- The University of Queensland
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