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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, 02 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
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Showing 41 to 45 news of total 6871 |
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- Jindal Steel & Power Ltd - India
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- PetroVietnam Power Coal Import and Supply Company
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- Madhucon Powers Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- Energy Development Corp, Philippines
- Ambuja Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- Indian Energy Exchange, India
- Latin American Coal - Colombia
- Indogreen Group - Indonesia
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- ASAPP Information Group - India
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- Indonesian Coal Mining Association
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Manunggal Multi Energi - Indonesia
- Australian Coal Association
- Siam City Cement PLC, Thailand
- Maheswari Brothers Coal Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- The University of Queensland
- Binh Thuan Hamico - Vietnam
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- Uttam Galva Steels Limited - India
- The Treasury - Australian Government
- CNBM International Corporation - China
- Price Waterhouse Coopers - Russia
- Gujarat Sidhee Cement - India
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Economic Council, Georgia
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- Trasteel International SA, Italy
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Eastern Energy - Thailand
- Xindia Steels Limited - India
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- Bayan Resources Tbk. - Indonesia
- Coalindo Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Parliament of New Zealand
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Wilmar Investment Holdings
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- McConnell Dowell - Australia
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
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