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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, 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.
...
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 ...
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- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- IEA Clean Coal Centre - UK
- MS Steel International - UAE
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- Ministry of Finance - Indonesia
- Maheswari Brothers Coal Limited - India
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
- Wood Mackenzie - Singapore
- Latin American Coal - Colombia
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Transport, Egypt
- Parry Sugars Refinery, India
- Intertek Mineral Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- Electricity Authority, New Zealand
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- VISA Power Limited - India
- Economic Council, Georgia
- SMC Global Power, Philippines
- Kartika Selabumi Mining - Indonesia
- Thiess Contractors Indonesia
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- SMG Consultants - Indonesia
- Marubeni Corporation - India
- Mjunction Services Limited - India
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Bhatia International Limited - India
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
- Independent Power Producers Association of India
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- Interocean Group of Companies - India
- PTC India Limited - India
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- Bangladesh Power Developement Board
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- Kepco SPC Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- GMR Energy Limited - India
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- Malabar Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Star Paper Mills Limited - India
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