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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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Tuesday, 13 February 24
WHAT IS THE OUTLOOK FOR THE NATURAL GAS SPOT PRICE IN 2024 AND 2025? EIA
We expect the U.S. benchmark Henry Hub natural gas spot price to average higher in 2024 and 2025 than in 2023, but to remain lower than $3.00 per m ...
Monday, 12 February 24
US THERMAL COAL EXPORTS HIT 5-YEAR HIGHS AND TOP $5 BLN IN 2023 - REUTERS
United States exporters of thermal coal earned more than $5 billion in 2023 as they shipped out more than 32.5 million metric tons of the high-poll ...
Tuesday, 06 February 24
NEW E-FUELS PROJECT TO MAKE INTERNATIONAL SHIPPING CLIMATE-NEUTRAL - RINA
Transport and trade on the ocean blue must be made much greener. This is the goal of the new €17 million European GAMMA project, where compani ...
Tuesday, 06 February 24
INDIA SEES ANNUAL COAL OUTPUT UP 10.9% IN 2024/25 - REUTERS
India expects domestic coal output to increase by 10.9% to 1.13 billion metric tons in the fiscal year ending March 2025, a senior government offic ...
Tuesday, 06 February 24
INDIA'S COAL PRODUCTION INCREASES BY 10.3% TO 99.73 MILLION TONNE IN JANUARY - PTI
The country’s coal output rose 10.3 per cent to 99.73 Million Tonne (MT) in January, over the same month in the previous fiscal.
...
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- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- ASAPP Information Group - India
- Mercuria Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Central Java Power - Indonesia
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- Ministry of Transport, Egypt
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- Merrill Lynch Commodities Europe
- Xindia Steels Limited - India
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Global Green Power PLC Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- Malabar Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Planning Commission, India
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Cement Manufacturers Association - India
- Intertek Mineral Services - Indonesia
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- CIMB Investment Bank - Malaysia
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Oldendorff Carriers - Singapore
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- SMC Global Power, Philippines
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Posco Energy - South Korea
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- Baramulti Group, Indonesia
- Globalindo Alam Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Marubeni Corporation - India
- MS Steel International - UAE
- Star Paper Mills Limited - India
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
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