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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, 12 June 24
CHINA ACCOUNTS FOR 16.3% OF AUSTRALIA'S COAL EXPORTS, FOLLOWED BY INDIA 14.4% - BANCHERO COSTA
Global coal trade has really picked up pace in recent months, and is now fully back to pre-Covid levels says Banchero Costa in its latest report.
...
Wednesday, 12 June 24
LNG NEWBUILDING VALUES AT RECORD HIGH: 78 NEWBUILD ORDERS PLACED IN 2024, DOUBLING 2023 - VESON NAUTICAL
The number of LNG newbuilding orders have more than doubled from the same period last year where 34 orders were placed, compared to 78 in the first ...
Monday, 10 June 24
CHINA'S MAY COAL IMPORTS RISE 11% ON LOWER DOMESTIC OUTPUT - REUTERS
China’s imports of coal rose 11% in May from a year earlier, customs data and Reuters records showed on Friday, as lower domestic output this ...
Tuesday, 04 June 24
HOW DO WESTERN SANCTIONS ON RUSSIA IMPACT THE GLOBAL METALS, MINING AND COAL MARKETS - WOOD MACKENZIE
The geopolitical landscape for Russia, as a major supplier of various commodities, has undergone a dramatic transformation since the invasion of Uk ...
Friday, 22 March 24
CASE STUDY: DANGERS OF COAL CARGO - SKULD
Recently, a bulk cargo vessel carrying coal from South Africa to Singapore suffered a fatal accident, resulting in the deaths of three crew members ...
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- Minerals Council of Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- MS Steel International - UAE
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Siam City Cement PLC, Thailand
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- Orica Australia Pty. Ltd.
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- The University of Queensland
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- Bukit Makmur.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Commonwealth Bank - Australia
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- Ministry of Mines - Canada
- Economic Council, Georgia
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wood Mackenzie - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- Neyveli Lignite Corporation Ltd, - India
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- The Treasury - Australian Government
- Ambuja Cements Ltd - India
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- White Energy Company Limited
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- Mintek Dendrill Indonesia
- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Manunggal Multi Energi - Indonesia
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- International Coal Ventures Pvt Ltd - India
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- Australian Coal Association
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- Baramulti Group, Indonesia
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
- New Zealand Coal & Carbon
- PTC India Limited - India
- Uttam Galva Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- Indika Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
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