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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, 28 June 24
INDIAN POWER STATIONS STOCKED WITH BUMPER COAL SUPPLY AS TRANSPORT WOES EASE - BUSINESS STANDARD
Even as power demand has touched a historic high of 250 gigawatts (Gw) amid sweltering heat this June, India’s power stations are stocked wit ...
Friday, 28 June 24
INDIA'S CY23 COAL USE LARGER THAN NORTH AMERICA, EUROPE COMBINED - THE HINDU
For the first time, India’s coal consumption surpassed that of North America and Europe combined in the calendar year 2023, said Energy Insti ...
Monday, 24 June 24
PLN'S FINANCIAL SUSTAINABILITY RESTS ON ACCELERATED COAL RETIREMENT AND RENEWABLES DEPLOYMENT - MUTYA YUSTIKA
On 28 May 2024, Indonesia’s national electricity utility, PT Perusahaan Listrik Negara (PLN), released its financial report for 2023. Althoug ...
Monday, 24 June 24
INDIA'S COAL-BASED POWER DEMAND AT ALL-TIME HIGH, GOVERNMENT SAYS - REUTERS
India’s demand for coal-based power has risen by 7.3% this fiscal year to an all-time high, the government said in a statement on Wednesday.
...
Monday, 24 June 24
CHINA'S COAL INDUSTRY TURNS GREENER THROUGH INNOVATIVE APPROACHES - PEOPLE'S DAILY
At an opencast mine operated by Inner Mongolia Pingzhuang Coal Group Co. Ltd., a subsidiary of CHN Energy Investment Group (CHN Energy), a 14-meter ...
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- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- Ministry of Transport, Egypt
- The University of Queensland
- Bhushan Steel Limited - India
- Miang Besar Coal Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- Mercator Lines Limited - India
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- Semirara Mining Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- Dalmia Cement Bharat India
- Sinarmas Energy and Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- Commonwealth Bank - Australia
- GN Power Mariveles Coal Plant, Philippines
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- Barasentosa Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- Latin American Coal - Colombia
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- Renaissance Capital - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- New Zealand Coal & Carbon
- Sakthi Sugars Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Trasteel International SA, Italy
- MS Steel International - UAE
- Energy Development Corp, Philippines
- Anglo American - United Kingdom
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Therma Luzon, Inc, Philippines
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- Antam Resourcindo - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- CNBM International Corporation - China
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
- Edison Trading Spa - Italy
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- India Bulls Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- Electricity Generating Authority of Thailand
- Altura Mining Limited, Indonesia
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- The Treasury - Australian Government
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- Bukit Asam (Persero) Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
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