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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, 23 February 24
STRONG OUTLOOK FOR THE TANKER MARKET IN 2024 AND BEYOND - DNV
Several factors have aligned over the past two years to create a robust and profitable market for tanker owners, which is expected to drive newbuil ...
Friday, 23 February 24
AUSTRALIAN COAL FLOWS TO ASIA HOVER ABOVE LAST YEAR’S VOLUME TONNES - SIGNAL GROUP
In the final days of February, the dry bulk freight market appeared to maintain a relatively stable momentum, particularly evident in the large ves ...
Friday, 23 February 24
RUSSIAN COAL SHIPMENTS FALL 14% AS SANCTIONS BITE - BIMCO
During the first seven weeks of 2024, Russian coal shipments have fallen 14% y/y. Volumes have gradually declined since October 2023 when logistica ...
Thursday, 22 February 24
BIMCO PUBLISHES SHIP FINANCING FORMS TO ENSURE UNINTERRUPTED USE OF SHIPS
BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can e ...
Monday, 19 February 24
METALS INVESTMENT: THE DARKEST HOUR IS JUST BEFORE THE DAWN - WOOD MACKENZIE
Things often seem at their worst just before they get better. In terms of meeting our net zero 2050 scenario, we’ve reached a watershed momen ...
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- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- Power Finance Corporation Ltd., India
- Global Coal Blending Company Limited - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- Indonesian Coal Mining Association
- Indian Oil Corporation Limited
- Sarangani Energy Corporation, Philippines
- Independent Power Producers Association of India
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- PTC India Limited - India
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- White Energy Company Limited
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- Maharashtra Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- Cement Manufacturers Association - India
- Leighton Contractors Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- OPG Power Generation Pvt Ltd - India
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- Minerals Council of Australia
- Bhatia International Limited - India
- London Commodity Brokers - England
- Borneo Indobara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Energy Link Ltd, New Zealand
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- Videocon Industries ltd - India
- MS Steel International - UAE
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- The University of Queensland
- Aboitiz Power Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- Krishnapatnam Port Company Ltd. - India
- Asmin Koalindo Tuhup - Indonesia
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- India Bulls Power Limited - India
- TeaM Sual Corporation - Philippines
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Energy - Thailand
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Thiess Contractors Indonesia
- CIMB Investment Bank - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- Malabar Cements Ltd - India
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
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