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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, 15 March 18
BHEL COMMISSIONS 600 MW THERMAL POWER PLANT FOR APGENCO IN ANDHRA PRADESH
Bharat Heavy Electricals Limited (BHEL) has successfully commissioned a 600 MW coal-based thermal power plant in the state of Andhra Pradesh.
...
Thursday, 15 March 18
SUEK GROUP SECURES $1.055BN 5-YEAR SYNDICATED PRE-EXPORT FINANCE FACILITY
SUEK Group signed a $1.055bn syndicated pre-export loan agreement. The facility with five years duration is secured against the Group’s expor ...
Wednesday, 14 March 18
COAL PRICES UP SAYS MINERALS COUNCIL - IAN KIRKWOOD,THE HERALD
NSW thermal coal exports were at near-record levels last year but prices were up, the Minerals Council of NSW has said after appraising annual stat ...
Wednesday, 14 March 18
NEW COAL PRICE FORMULA DOESN'T APPLY RETROACTIVELY: OFFICIAL - THE JAKARTA GLOBE
The Energy and Mineral Resources Ministry has decided to change the implementation period of the new discounted price formula for coal sold to the ...
Wednesday, 14 March 18
SHIPPING MARKET INSIGHT - VASILIS MOIRIS
Interest in second hand tonnage remains firm with buyers in the dry bulk sector looking to benefit from rising freight rates that are eventually ex ...
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Showing 1771 to 1775 news of total 6871 |
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- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- Commonwealth Bank - Australia
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- Wilmar Investment Holdings
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Kideco Jaya Agung - Indonesia
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- Kumho Petrochemical, South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- GAC Shipping (India) Pvt Ltd
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
- AsiaOL BioFuels Corp., Philippines
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Price Waterhouse Coopers - Russia
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- Parliament of New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- Anglo American - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Xindia Steels Limited - India
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- GVK Power & Infra Limited - India
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- London Commodity Brokers - England
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- CIMB Investment Bank - Malaysia
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- White Energy Company Limited
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- Semirara Mining Corp, Philippines
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Trasteel International SA, Italy
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