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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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Thursday, 05 April 18
INDONESIA TO POSTPONE NEW COAL, PALM OIL SHIPPING RULES TO 2020 - REUTERS
Indonesia will delay until 2020 trade rules requiring exporters of coal and crude palm oil to use only Indonesian-flagged vessels, government offic ...
Tuesday, 03 April 18
MARKET ANALYSIS - GEORGE LAZARIDIS
In the midst of a relatively quiet week for markets, with disruptions being caused by the Christian holidays, it seems as though we find ourselves ...
Monday, 02 April 18
THE FREIGHT RATES ARE EXPECTED TO BE FLAT TO SOFT, SAYS VISTAAR
The freight market softening to continue. Thursday, March 29, 2018, the Baltic Dry Index decreased by 42 points, reaching 1080 points.
T ...
Monday, 02 April 18
THIESS TO DELIVER $150M SENAKIN CONTRACT EXTENSION
Thiess has secured a $150 million contract extension to provide mine services at Arutmin’s Senakin coal mine in South Kalimantan, Indonesia.
...
Monday, 02 April 18
THIESS SECURES $240M SATUI EXTENSION
The successful implementation of an innovative mining plan by Thiess at the Satui coal mine in South Kalimantan, has resulted in a $240 million con ...
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- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- Eastern Coal Council - USA
- Straits Asia Resources Limited - Singapore
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- Gujarat Sidhee Cement - India
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- VISA Power Limited - India
- Siam City Cement PLC, Thailand
- Mintek Dendrill Indonesia
- Sakthi Sugars Limited - India
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- Economic Council, Georgia
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Samtan Co., Ltd - South Korea
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- Alfred C Toepfer International GmbH - Germany
- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Ind-Barath Power Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- Barasentosa Lestari - Indonesia
- Wood Mackenzie - Singapore
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- The State Trading Corporation of India Ltd
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- Coalindo Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- Planning Commission, India
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- MS Steel International - UAE
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- Maheswari Brothers Coal Limited - India
- Global Green Power PLC Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- Tata Chemicals Ltd - India
- Wilmar Investment Holdings
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- Anglo American - United Kingdom
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- Petron Corporation, Philippines
- GMR Energy Limited - India
- White Energy Company Limited
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
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