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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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Tuesday, 27 March 18
SHIPPING MARKET ANALYSIS - GERRY LATHROP
With the almost complete phase out of Tier II new-building slots on our door step, along with the plethora of emissions related articles seemingly ...
Friday, 23 March 18
RIO TINTO AGREES SALE OF HAIL CREEK AND VALERIA TO GLENCORE FOR $1.7 BILLION
Press Release: Rio Tinto has entered into a binding agreement with Glencore for the sale of its entire interests in the Hail Creek coal mine and th ...
Wednesday, 21 March 18
CHINA'S RAW COAL OUTPUT UP IN 2017, FIRST GROWTH SINCE 2014 - XINHUA
China’s raw coal output rose in 2017 due to rebounding demand and high-quality capacity, according to the National Bureau of Statistics (NBS) ...
Wednesday, 21 March 18
MARKET INSIGHT - CHRISTOPHER T. WHITTY
President’s Trump administration proposed tariffs on steel and aluminum imports in an attempt to target China and Europe among others. Earlie ...
Tuesday, 20 March 18
SHIPPING MARKET ANALYSIS - GEORGE LAZARIDIS
It has been a chilling start to the week for the global economy, with the vast majority of stock exchanges noting a fair drop, after a series of se ...
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- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- Eastern Coal Council - USA
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- Xindia Steels Limited - India
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- PTC India Limited - India
- Standard Chartered Bank - UAE
- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Formosa Plastics Group - Taiwan
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Australian Coal Association
- Goldman Sachs - Singapore
- The University of Queensland
- Global Business Power Corporation, Philippines
- Indian Oil Corporation Limited
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Bukit Makmur.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- MS Steel International - UAE
- Simpson Spence & Young - Indonesia
- SMC Global Power, Philippines
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- Cement Manufacturers Association - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- Central Electricity Authority - India
- Indian Energy Exchange, India
- Marubeni Corporation - India
- SMG Consultants - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- GAC Shipping (India) Pvt Ltd
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- LBH Netherlands Bv - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
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