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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, 11 April 18
CHINA UTILITIES PLAN NEW COAL IMPORT PRICE INDEX TO CURB VOLATILITY - REUTERS
China’s major utilities are preparing to launch their own coal price index for imports, an official at China Huaneng Group said, in a move th ...
Wednesday, 11 April 18
US-CHINA TARIFF THREATS RAISE GLOBAL TRADE RISKS - FITCH
Escalating tariff proposals by the U.S. and Chinese governments are increasing the risks of a full-blown trade war, says Fitch Ratings. The most li ...
Tuesday, 10 April 18
BUMA GRANTED ADDITIONAL LOAN FACILITY FROM BTMU TO SUPPORT GROWTH
Press Release: PT Delta Dunia Makmur Tbk. is pleased to announce that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA"), signed an a ...
Monday, 09 April 18
APRIL INDONESIAN COAL PRICE REFERENCE DROPS TO LOWEST IN 2018
COALspot.com: According to latest ministerial decree, the Indonesian Coal Price Reference (HBA) decline 6.98 per cent in April 2018 compared to Mar ...
Friday, 06 April 18
TOP MINER BHP QUITS WORLD COAL ASSOCIATION OVER CLIMATE CLASH - BLOOMBERG
BHP Billiton Ltd. has severed ties with the World Coal Association over a clash of views on how to combat climate change, with the mining giant say ...
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- Ministry of Finance - Indonesia
- Interocean Group of Companies - India
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- Tamil Nadu electricity Board
- Marubeni Corporation - India
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- Independent Power Producers Association of India
- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Jaiprakash Power Ventures ltd
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Karaikal Port Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Anglo American - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- London Commodity Brokers - England
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- Petron Corporation, Philippines
- White Energy Company Limited
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- Wood Mackenzie - Singapore
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- Ind-Barath Power Infra Limited - India
- Trasteel International SA, Italy
- Sree Jayajothi Cements Limited - India
- Xindia Steels Limited - India
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- Edison Trading Spa - Italy
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- Malabar Cements Ltd - India
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- Australian Coal Association
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- Eastern Coal Council - USA
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- IEA Clean Coal Centre - UK
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- PTC India Limited - India
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- Indogreen Group - Indonesia
- European Bulk Services B.V. - Netherlands
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Price Waterhouse Coopers - Russia
- Barasentosa Lestari - Indonesia
- Gujarat Sidhee Cement - India
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Global Green Power PLC Corporation, Philippines
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- Posco Energy - South Korea
- Indonesian Coal Mining Association
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Salva Resources Pvt Ltd - India
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