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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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Wednesday, 25 April 18
TANKER MARKET INSIGHT - THEODOROS NTALAKOS
We had the opportunity to be part of Intertanko's Hellenic Mediterranean Panel last week in the SNFCC and to present an outlook on the tanker f ...
Tuesday, 24 April 18
IMPORTING INDONESIAN COAL MAKES SENSE FOR INDIAN COASTAL PLANTS EVEN WHEN IT IS COSTLIER THAN INDIAN - ECONOMIC TIMES
Rising Indonesian coal production and lower Chinese demand have pulled down Indonesian coal prices by 22% over the last 45 days, a trend that augur ...
Tuesday, 24 April 18
IMO AIMS TO HALVE GLOBAL SHIPPING EMISSIONS - BUT WHAT WILL IT COST? - WOOD MACKENZIE
Global bunker fuel costs could rise by up to US$60 billion annually from 2020, in a full compliance scenario, when the International Maritim ...
Tuesday, 24 April 18
TWO 56K-DWT OPEN HONG KONG AND SINGAPORE WERE FIXED FOR INDONESIA COAL TRIPS TO CHINA, AT $9,500 AND $11,000 RESPECTIVELY - BALTIC BRIEFING
Capesize
This week has seen the Cape 5 timecharter weighted average almost double. Similarly, the Brazil to China ore rates climbed over $4.50, f ...
Wednesday, 18 April 18
SHIPPING MARKET INSIGHT - STELIOS KOLLINTZAS
The return of traders and charterers from the Easter festivities came along with a slight increase in activity across the edible oil markets. Howev ...
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Showing 1736 to 1740 news of total 6871 |
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- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- The Treasury - Australian Government
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Samtan Co., Ltd - South Korea
- Antam Resourcindo - Indonesia
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- Indian Oil Corporation Limited
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- Sindya Power Generating Company Private Ltd
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- Kohat Cement Company Ltd. - Pakistan
- Wilmar Investment Holdings
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Economic Council, Georgia
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- Sakthi Sugars Limited - India
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- New Zealand Coal & Carbon
- Medco Energi Mining Internasional
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- Planning Commission, India
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- Central Java Power - Indonesia
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- Intertek Mineral Services - Indonesia
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- GVK Power & Infra Limited - India
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Merrill Lynch Commodities Europe
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- Australian Commodity Traders Exchange
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- Xindia Steels Limited - India
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Eastern Energy - Thailand
- The University of Queensland
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- Interocean Group of Companies - India
- Australian Coal Association
- SN Aboitiz Power Inc, Philippines
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Orica Mining Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Chamber of Mines of South Africa
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- Coal and Oil Company - UAE
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Aditya Birla Group - India
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- VISA Power Limited - India
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
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