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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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Monday, 24 June 24
PHILIPPINES COAL SUPPLY ENOUGH UNTIL 2030 - PHILSTAR GLOBAL
The country’s existing coal-fired power plants are sufficient to ensure enough base load capacity in the next six years, Energy Secretary Rap ...
Friday, 14 June 24
NEXTDECADE, SAUDI ARAMCO SIGN 20-YEAR LNG SUPPLY DEAL - REUTERS
U.S. liquefied natural gas (LNG) provider NextDecade has signed a non-binding agreement with Saudi Aramco 2222.SE to supply 1.2 million tonnes per ...
Friday, 14 June 24
NEWBUILDING PRICES CLIMB 3% TO HIGHEST LEVEL IN 16 YEARS - NIELS RASMUSSEN
“Since the start of the year, newbuilding prices have risen 3% to their highest level since 2008. Compared to their most recent low in late 2 ...
Friday, 14 June 24
INDIA TARGETS HIGHER DOMESTIC COAL PRODUCTION, REDUCED IMPORTS: GOVT - REUTERS
India wants to reduce coal imports and increase domestic production, federal coal minister G. Kishan Reddy said on Thursday.
The cou ...
Thursday, 13 June 24
US LNG TO ASIA FOR POWER GENERATION EXPECTED TO CUT EMISSIONS VERSUS COAL - RYSTAD ENERGY
The value-chain emissions of liquified natural gas (LNG) are lower on average than for coal-fired power generation, even when the fuel is shipp ...
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- Kapuas Tunggal Persada - Indonesia
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- India Bulls Power Limited - India
- Attock Cement Pakistan Limited
- Georgia Ports Authority, United States
- The University of Queensland
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Posco Energy - South Korea
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Manunggal Multi Energi - Indonesia
- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- Toyota Tsusho Corporation, Japan
- Wilmar Investment Holdings
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- Bharathi Cement Corporation - India
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- Sakthi Sugars Limited - India
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- Africa Commodities Group - South Africa
- Bukit Baiduri Energy - Indonesia
- Planning Commission, India
- Merrill Lynch Commodities Europe
- Indian Energy Exchange, India
- Salva Resources Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Eastern Coal Council - USA
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- Petrochimia International Co. Ltd.- Taiwan
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- Xindia Steels Limited - India
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Siam City Cement - Thailand
- Energy Link Ltd, New Zealand
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- Chettinad Cement Corporation Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- VISA Power Limited - India
- Minerals Council of Australia
- Dalmia Cement Bharat India
- Trasteel International SA, Italy
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- Makarim & Taira - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- Anglo American - United Kingdom
- Marubeni Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- Thai Mozambique Logistica
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