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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, 20 March 18
TRAFIGURA GROUP PTE LTD SIGNS RECORD US$5.725 BILLION EUROPEAN MULTICURRENCY SYNDICATED REVOLVING CREDIT FACILITIES AND JPY72.64 BILLION DENOMINATED THREE YEAR TERM LOAN
Press Release: Trafigura Group Pte Ltd. (“Trafigura” or the “Company”), a market leader in the global commodities industry, ...
Monday, 19 March 18
PANAMAX: DESPITE FEWER REPORTED PERIOD TRADES THIS WEEK, RATE LEVELS HAVE REMAINED SOLID - BALTIC BRIEFING
Capesize
There were finally reports of increased Brazil activity, but still largely unconfirmed. Vale reportedly took six ships Thursday for 5 Ap ...
Friday, 16 March 18
WEEKLY US COAL PRODUCTION DROPS 1.9 PER CENT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.8 million short tons ...
Friday, 16 March 18
INDONESIA COAL PRICE CAP POSES LIMITED RISKS TO PRODUCERS : FITCH
Indonesia’s cap on the benchmark price of coal sold to the domestic electricity sector is unlikely to have a significant impact on the credit ...
Thursday, 15 March 18
SUPRAMAX: INDO TO CHINA COAL ROUNDS ARE PAYING IN THE LOW $13K TO S. CHINA AND HIGH $13K TO NORTH IN CHINA
Supramax
More activity from USG , front hauls to Far East have settled around $25000, and to Cont around $20000. Stable gain again in Black Sea w ...
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Showing 1766 to 1770 news of total 6871 |
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- Bhushan Steel Limited - India
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- Ind-Barath Power Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Bhatia International Limited - India
- Central Java Power - Indonesia
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Standard Chartered Bank - UAE
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- The University of Queensland
- South Luzon Thermal Energy Corporation
- Salva Resources Pvt Ltd - India
- Thai Mozambique Logistica
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- Therma Luzon, Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- Timah Investasi Mineral - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Economic Council, Georgia
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- Oldendorff Carriers - Singapore
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- Vizag Seaport Private Limited - India
- Wood Mackenzie - Singapore
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Edison Trading Spa - Italy
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- PNOC Exploration Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Riau Bara Harum - Indonesia
- SMC Global Power, Philippines
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- Kalimantan Lumbung Energi - Indonesia
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- Toyota Tsusho Corporation, Japan
- India Bulls Power Limited - India
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- Power Finance Corporation Ltd., India
- ICICI Bank Limited - India
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Indian Energy Exchange, India
- Pendopo Energi Batubara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Rio Tinto Coal - Australia
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- Interocean Group of Companies - India
- Australian Coal Association
- Jorong Barutama Greston.PT - Indonesia
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