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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, 02 August 24
COAL MARKET DEVELOPMENTS: FALLING PRICES AMID RECORD-HIGH OUTPUT - WORLD BANK
Coal prices inched up in May (m/m) following an 8 percent decline in 2024Q1. The Australian and South African benchmarks have plummeted more ...
Friday, 26 July 24
FUELEU MARITME IS COMING. IS YOUR CHARTERPARTY READY? - GARD
With less than six months to implementation of FuelEU Maritime in EU and EEA trades, there has been little published advice regarding how to alloca ...
Thursday, 04 July 24
INDIA'S COAL PRODUCTION RISES 14% IN JUNE - PTI
The country’s coal production rose by 14.49% to 84.63 million tonne (MT) in June. The country’s coal output was 73.92 MT in June last f ...
Tuesday, 02 July 24
NTPC CAPTIVE COAL OUTPUT GROWS 15% IN Q1; DESPATCH RISES 17%
State-owned NTPC on Monday reported a 15 per cent year-on-year increase in the production of coal from captives mines to 9.862 metric million tonne ...
Friday, 28 June 24
KOSPO INVITED BIDS FOR 400,000 MT OF MINIMUM 4000 NCV COAL FOR FIVE YEARS
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for total 400,000 MT of Low Calorific Value Coal for 5 years starting from July 2024 until ...
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- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- Rio Tinto Coal - Australia
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- Bulk Trading Sa - Switzerland
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- Uttam Galva Steels Limited - India
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- Bharathi Cement Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Latin American Coal - Colombia
- Posco Energy - South Korea
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Aditya Birla Group - India
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- Sojitz Corporation - Japan
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- Malabar Cements Ltd - India
- The Treasury - Australian Government
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Lanco Infratech Ltd - India
- Bukit Baiduri Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Ambuja Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- Attock Cement Pakistan Limited
- GMR Energy Limited - India
- Mercator Lines Limited - India
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- PTC India Limited - India
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Chamber of Mines of South Africa
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- Tamil Nadu electricity Board
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Planning Commission, India
- Ministry of Transport, Egypt
- SMC Global Power, Philippines
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- Mercuria Energy - Indonesia
- Heidelberg Cement - Germany
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- IEA Clean Coal Centre - UK
- Central Java Power - Indonesia
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- Intertek Mineral Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- White Energy Company Limited
- Sical Logistics Limited - India
- Bayan Resources Tbk. - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Videocon Industries ltd - India
- Romanian Commodities Exchange
- Australian Coal Association
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- Port Waratah Coal Services - Australia
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- VISA Power Limited - India
- Aboitiz Power Corporation - Philippines
- ICICI Bank Limited - India
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- Merrill Lynch Commodities Europe
- The University of Queensland
- Bhatia International Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indonesian Coal Mining Association
- Krishnapatnam Port Company Ltd. - India
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