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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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Monday, 16 April 18
MINISTER IGNASIUS JONAN SPEAKS HIS MIND AT INDONESIA MINER - IAN WOLLFF
The Minister for Energy and Mineral resources, Ignasius Jonan, delivered a key note address at the Indonesia Miner conference in Jakarta on the 11 ...
Thursday, 12 April 18
THE PERFECT STORM FOR THE BIG SHIPS - THE BALTIC BRIEFING
Capesize
The perfect storm for the big ships: with holidays, force majeure in two ore exporting ports and bad weather undermining the market. A l ...
Thursday, 12 April 18
SHIPPING CAN MANAGE US-CHINA TARIFFS, BUT RISKS RISING - FITCH
Container and, to some extent, dry bulk would probably be the shipping segments most affected by the recently announced US and China tariffs, Fitch ...
Thursday, 12 April 18
SUPRAS HAVE FIXED MID $11K FOR AN INDO RV TO S. CHINA DELIVERY PHILIPPINES - FEARNLEYS
Supramax
Slow week with little light for improving rates. ECSA to Far East still around $15k + bb and same to Med ca $14k, says Fearnleys in its ...
Thursday, 12 April 18
ALWAYS ACCESSIBLE
KNOWLEDGE TO ELEVATE
On 26 March 2018 Mr Justice Knowles determined that the berth warranty ‘always accessible’ must mean the vess ...
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Showing 1741 to 1745 news of total 6871 |
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Wilmar Investment Holdings
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- Mercuria Energy - Indonesia
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- PTC India Limited - India
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- Planning Commission, India
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- New Zealand Coal & Carbon
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- Uttam Galva Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- Globalindo Alam Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- Star Paper Mills Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- Economic Council, Georgia
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- Straits Asia Resources Limited - Singapore
- Tata Chemicals Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- Romanian Commodities Exchange
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- IEA Clean Coal Centre - UK
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- MS Steel International - UAE
- Bhushan Steel Limited - India
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- Altura Mining Limited, Indonesia
- White Energy Company Limited
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- Meralco Power Generation, Philippines
- Merrill Lynch Commodities Europe
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Commonwealth Bank - Australia
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- PNOC Exploration Corporation - Philippines
- Global Business Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- Kobexindo Tractors - Indoneisa
- Meenaskhi Energy Private Limited - India
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