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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, 01 May 18
GLOBAL MINER PEABODY EYES SALES OPPORTUNITY IN INDIA’S RISING COAL IMPORTS - BUSINESS STANDARD
Indian imports of coal will continue to rise, reckons the world’s largest private sector coal miner Peabody Energy. Glenn Kellow, president a ...
Saturday, 28 April 18
STRONG ASIAN DEMAND CONTINUES TO HOLD UP THERMAL COAL MARKETS - REUTERS
Asian thermal coal demand is defying its typical seasonal slowdown as well as the expanding use of renewables and natural gas, with prices holding ...
Friday, 27 April 18
PEABODY ENERGY'S REVENUES FOR THE FIRST QUARTER ROSE 10 PERCENT OVER THE PRIOR YEAR TO $1.46 BILLION
Peabody Energy's revenues for the first quarter rose 10 percent over the prior year to $1.46 billion driven by improved seaborne coal pricing a ...
Thursday, 26 April 18
BALTIC EXCHANGE LAUNCHES ESCROW SERVICE FOR VESSEL SALES
The Baltic Exchange will be launching an Escrow Service for its members to hold deposits for ship sale transactions. The move will allow Baltic Exc ...
Thursday, 26 April 18
COAL PRICES ARE EXPECTED TO AVERAGE $85/MT IN 2018, DOWN SLIGHTLY FROM 2017 - WORLD BANK
Coal prices rose 4 percent in the first quarter (q/q), following a surge of 34 percent in 2017, mainly due to strong consumption in China spurred b ...
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- Georgia Ports Authority, United States
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- GN Power Mariveles Coal Plant, Philippines
- AsiaOL BioFuels Corp., Philippines
- Australian Coal Association
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- SMC Global Power, Philippines
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Energy Link Ltd, New Zealand
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- Iligan Light & Power Inc, Philippines
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- Trasteel International SA, Italy
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Riau Bara Harum - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- Thai Mozambique Logistica
- India Bulls Power Limited - India
- Larsen & Toubro Limited - India
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- Posco Energy - South Korea
- Goldman Sachs - Singapore
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- The University of Queensland
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- Lanco Infratech Ltd - India
- Central Java Power - Indonesia
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- Minerals Council of Australia
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- White Energy Company Limited
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bhushan Steel Limited - India
- VISA Power Limited - India
- Bangladesh Power Developement Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
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