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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, 09 March 18
U.S. EXPORTED 97 MMST OF COAL IN 2017, A 61 PER CENT INCREASE FROM 2016 - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.1 million short tons ...
Thursday, 08 March 18
BUMA SIGNED OVER US$ 500 MILLION WORTH OF NEW CONTRACT WITH PT TANAH BUMBU RESOURCES
PT Delta Dunia Makmur Tbk., announced that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA"), has entered into mining services ...
Thursday, 08 March 18
THE ENERGY CONTRIBUTION FROM COAL-BASED POWER PLANTS IS LIKELY TO INCREASE TO 1072 BU BY 2021-22 : PIB
Government of India has set an ambitious target of 175 GW from Renewable energy sources (RES) by 2022, which comprises of 100 GW Solar, 60GW from W ...
Thursday, 08 March 18
SUPRAMAX: THE MARKET IS STILL GOING STRONG IN THE PACIFIC - FEARNLEYS
Supramax
The market is still going strong in the Pacific, with Ultra fixing high US$ 13000+375000 bb for South Africa to ECI while nickel ore run ...
Thursday, 08 March 18
AVERAGE U.S. COAL MINING PRODUCTIVITY INCREASES AS PRODUCTION FALLS - EIA
Coal mining productivity in the United States increased 26% over the past five years, reaching 6.8 tons per miner hour in 2017, up from 5.4 tons pe ...
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- Pipit Mutiara Jaya. PT, Indonesia
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sojitz Corporation - Japan
- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
- Economic Council, Georgia
- New Zealand Coal & Carbon
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- Meralco Power Generation, Philippines
- Mintek Dendrill Indonesia
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Rashtriya Ispat Nigam Limited - India
- Meenaskhi Energy Private Limited - India
- Kaltim Prima Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- Posco Energy - South Korea
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- Georgia Ports Authority, United States
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- International Coal Ventures Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Petrochimia International Co. Ltd.- Taiwan
- ASAPP Information Group - India
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- Trasteel International SA, Italy
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- Latin American Coal - Colombia
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Bulk Trading Sa - Switzerland
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- Australian Coal Association
- Tata Chemicals Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- South Luzon Thermal Energy Corporation
- Bhatia International Limited - India
- ICICI Bank Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- MS Steel International - UAE
- Aditya Birla Group - India
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- Indogreen Group - Indonesia
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- Carbofer General Trading SA - India
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