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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, 18 May 18
INDONESIA'S SAMARINDA ANCHORAGE COAL LOADING ACTIVITIES WERE RESUMED YESTERDAY AT 4PM LOCAL TIME
Samarinda Anchorage coal loading activities were resumed yesterday at 4PM local time.
Local fishermen in Samarinda Anchorage have been demonst ...
Wednesday, 16 May 18
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
Half-way through the second quarter of the year and as the Posidonia week approaches everyone is getting ready for this unique gathering that besid ...
Thursday, 10 May 18
PRIVATE POWER PRODUCERS NEED A 'POWERFUL PUSH' - PRADEEP MITTAL
- PLF of the Private Sector in the country (Coal and Lignite based) for FY 2017-18 (till Dec 2017) is 56%.
- 51 GW of stressed assets (Thermal &a ...
Tuesday, 08 May 18
BUMA SIGNED OVER US$1 BILLION WORTH OF NEW CONTRACT WITH PT INDONESIA PRATAMA
PT Delta Dunia Makmur Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama, has entered into mining services contracts with PT Indones ...
Monday, 07 May 18
BENCHMARK PRICE OF INDONESIAN THERMAL COAL DROPPED BACK BELOW $90 A TON THIS MONTH
COALspot.com: According to latest ministerial decree No. 1812 K/30/MEM/2018 dated 3 May 2018, the Indonesian Coal Price Reference (HBA) decline 5.5 ...
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- Economic Council, Georgia
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- Ministry of Finance - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- Meenaskhi Energy Private Limited - India
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Bukit Makmur.PT - Indonesia
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Energy Link Ltd, New Zealand
- Sical Logistics Limited - India
- Timah Investasi Mineral - Indoneisa
- Lanco Infratech Ltd - India
- Coal and Oil Company - UAE
- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- The Treasury - Australian Government
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Heidelberg Cement - Germany
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- Tata Chemicals Ltd - India
- Siam City Cement - Thailand
- Minerals Council of Australia
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- Cigading International Bulk Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- Latin American Coal - Colombia
- Mercator Lines Limited - India
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Bhatia International Limited - India
- Australian Coal Association
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- India Bulls Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Price Waterhouse Coopers - Russia
- Miang Besar Coal Terminal - Indonesia
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Metalloyd Limited - United Kingdom
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- Tamil Nadu electricity Board
- Vizag Seaport Private Limited - India
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- Sindya Power Generating Company Private Ltd
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- Port Waratah Coal Services - Australia
- SN Aboitiz Power Inc, Philippines
- Planning Commission, India
- Grasim Industreis Ltd - India
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- Indika Energy - Indonesia
- Kumho Petrochemical, South Korea
- Interocean Group of Companies - India
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Holcim Trading Pte Ltd - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- ASAPP Information Group - India
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