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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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Friday, 30 March 18
SHIPPING INDUSTRY CONFIDENCE HITS FOUR-YEAR HIGH - MOORE STEPHENS
Shipping Confidence Survey
In February 2018, the average confidence level expressed by respondents was up from 6.2 in November 2017 t ...
Friday, 30 March 18
EXPLAINING POLAND'S COAL PARADOX - FORBES
In the U.S. coal is succumbing to market forces despite the Trump Administration’s push to support the industry. Abundant, cheap and cleaner ...
Friday, 30 March 18
THIESS SECURES $140M MT OWEN INCREASE
Thiess has secured a A$140 million increase to its contract with Glencore for coal mining services at Mt Owen in the Hunter Valley, Australia. Mt O ...
Wednesday, 28 March 18
THIESS WINS $280M WAHANA EXTENSION
Thiess has been awarded a three-year $280 million contract extension at the Wahana coal mine in South Kalimantan, Indonesia.
According to Thie ...
Wednesday, 28 March 18
RIO TINTO TO SELL KESTREL MINE FOR $2.25 BILLION - REUTERS
Rio Tinto sold its remaining coal asset Kestrel in Australia to private equity manager EMR Capital and Indonesia’s Adaro Energy Tbk for $2.25 ...
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- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- Parry Sugars Refinery, India
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- Minerals Council of Australia
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- Kapuas Tunggal Persada - Indonesia
- Eastern Energy - Thailand
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Africa Commodities Group - South Africa
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Australian Coal Association
- Anglo American - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Indian Oil Corporation Limited
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- Petron Corporation, Philippines
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- TeaM Sual Corporation - Philippines
- Orica Mining Services - Indonesia
- Goldman Sachs - Singapore
- Economic Council, Georgia
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- White Energy Company Limited
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- Aditya Birla Group - India
- Mercator Lines Limited - India
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Semirara Mining Corp, Philippines
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- Indian Energy Exchange, India
- Banpu Public Company Limited - Thailand
- Kumho Petrochemical, South Korea
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- Meenaskhi Energy Private Limited - India
- SMG Consultants - Indonesia
- GVK Power & Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Central Java Power - Indonesia
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- Thai Mozambique Logistica
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- Therma Luzon, Inc, Philippines
- Singapore Mercantile Exchange
- South Luzon Thermal Energy Corporation
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Uttam Galva Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- CIMB Investment Bank - Malaysia
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- Tata Chemicals Ltd - India
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