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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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Monday, 12 March 18
DRY BULK MARKET: CAPESIZE MARKET FINDS ITS FOOTING - BALTIC BRIEFING
Capesize
Some relief for owners as the week closed out with the market finding a floor in the East. Rates on the key West Australia/China run loo ...
Monday, 12 March 18
COAL OUTPUT FROM PRIVATE MINERS UNLIKELY TO RISE IN MEDIUM TERM: ICRA
Coal output levels from private commercial miners are unlikely to go up considerably in the medium to short term, given the issues related to land ...
Saturday, 10 March 18
ENHANCED PRODUCTION BY COAL INDIA HELPS DECLINE IN COAL IMPORTS
As per the current import policy, coal is kept under Open General License (OGL) and consumers are free to import coal from the source of their choi ...
Saturday, 10 March 18
THE 'RENOS' - COURT OF APPEAL CLARIFIES CTL CALCULATION AND RIGHT OF ABANDONMENT - CLYDE & CO
KNOWLEDGE TO ELEVATE
In the matter of the “RENOS”, Mr Justice Knowles addressed a number of issues, at first instance, regarding t ...
Friday, 09 March 18
THE WORLD CANNOT KEEP IGNORING THE ASIAN COAL STORY - BENJAMIN SPORTON
There were significant changes in the global energy system in 2017, including the growth in electric vehicles, the rise of renewables and the conti ...
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Showing 1776 to 1780 news of total 6871 |
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- Sakthi Sugars Limited - India
- Semirara Mining Corp, Philippines
- Orica Australia Pty. Ltd.
- Jorong Barutama Greston.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Savvy Resources Ltd - HongKong
- Thiess Contractors Indonesia
- Economic Council, Georgia
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- Vedanta Resources Plc - India
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- Larsen & Toubro Limited - India
- Medco Energi Mining Internasional
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- CNBM International Corporation - China
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Indo Tambangraya Megah - Indonesia
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- Australian Coal Association
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- Ambuja Cements Ltd - India
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- IHS Mccloskey Coal Group - USA
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- GN Power Mariveles Coal Plant, Philippines
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Singapore Mercantile Exchange
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- PTC India Limited - India
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- Mercator Lines Limited - India
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Eastern Coal Council - USA
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- GMR Energy Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- White Energy Company Limited
- Timah Investasi Mineral - Indoneisa
- Intertek Mineral Services - Indonesia
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- Gujarat Sidhee Cement - India
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- Cigading International Bulk Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- LBH Netherlands Bv - Netherlands
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Karaikal Port Pvt Ltd - India
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- Coal and Oil Company - UAE
- Energy Link Ltd, New Zealand
- Indian Energy Exchange, India
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- Bhatia International Limited - India
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- Attock Cement Pakistan Limited
- Sindya Power Generating Company Private Ltd
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Kaltim Prima Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Globalindo Alam Lestari - Indonesia
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