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Wednesday, 22 April 15
TANKER MARKET INSIGHT - STRATOS TINIAKOS
 The current environment we experience as a result of low crude oil prices is characterized by the increased demand for petroleum products in OECD countries (expected to surpass that of the developing countries by 2020), the increased output of refineries and consequently lower price of refined products.
As we have now entered Q2 and still enjoy some very good returns in the tanker market, we are looking back at the MR returns and how the MR fleet unfolds from 2012 to 2017. We see that an average of 126 vessels is delivered per year with a standard deviation of 32 vessels. The returns in the sector have increased due the factors mentioned above as well as the opening of more and more refineries around the world.
150 vessels, almost half of the orderbook, are due to be delivered throughout this year, while in 2016 and 2017 we expect 123 and 25 vessels respectively. Given the overwhelming slowdown in newbuilding activity over the past 9 months and based on the current economic projections we expect the slowdown in orders to persist for a bit longer.
In the meantime we see that the current environment do not support SnP activity, as Sellers push for more seeing their margins improve and buyers are still considering if the premium is worth at this stage.
The MR fleet up to 5 years old is expected to be around 647 vessels at the beginning of 2017. The main characteristic of the majority of the ships that were built post 2013, is that they are of eco design, which currently earns them a premium of around 10% in the t/c contracts compared to non-eco ships. According to our data the time charter fixtures concluded during the period 2012 up to now with a time horizon of 4 months up to 5 years, we observe that the majority concerns T/C contracts of over 1 year period.
The average 1 yr T/C rate for max 5yr old vessels is around 13,850 /day and it has been on an upward path since last year, while the trend for 2 yr T/C is also rising with an average rate of around usd 13,970/day. We also observe that starting 2013 and throughout 2015 rates have been increasing regardless of vessel age in both these period contracts, while 3-yr period contracts are currently being fixed at around usd16,000/ day for vessels up to ten years old, while the existence of the eco design in this case has made no difference in terms of premium.
The remaining of the year will be challenging for spot players as they will have to cope with the scheduled deliveries that will be added in the active service fleet, while in regards to new entrants – especially private equity funds – we could be seeing more aggressive movements in the form of acquisition of modern units on en-block basis. If this proves to be the case, it will also translate to more aggressiveness in fixing long term contracts as well. Obviously charterers will take advantage of the modernization of the fleet and we anticipate that they will hold back and focus on periods of 2-3 years on modern eco imo units at sub usd 16,000 levels.
Stratos Tiniakos
Tanker Chartering 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 re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Monday, 18 May 15
FOB NEWCASTLE COAL SWAPS SCORE MONTHLY GAINS
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery gained US$ 0.87 per MT (1.99%) month over month and lost US$ 0.03 week on w ...
Monday, 18 May 15
Q1' 16 API 8 CFR SOUTH CHINA COAL SWAP CLOSED HIGHER THAN Q3' 15 CLOSING PRICE
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery up US$ 1.05 (2.10%) per MT month over month and US$ 0.53 (1.05%) pe ...
Sunday, 17 May 15
INDONESIA - INDIA FREIGHTS RATES EXPECTED TO FLAT TO SOFT NEXT WEEK
COALspot.com: The BDI was up by 10.45% and closed at 634 points week on week, while the Cape index saws big jump or up almost 55% for the same peri ...
Friday, 15 May 15
DRY BULK AND CONTAINER SHIPPING TO REMAIN WEAK, OUTLOOK FOR PORTS AND TANKERS POSITIVE - DREWRY MARITIME EQUITY RESEARCH
Global economy is in a gradual recovery mode, sending mixed signals to investors. Chinese economic data continues to remain weak as economy transit ...
Friday, 15 May 15
COAL PRODUCTION IN U.S DOWN 1.4 MILLION TONS FOR THE WEEK ENDING MAY 8
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 16.0 million short ...
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Showing 3021 to 3025 news of total 6871 |
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- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- Baramulti Group, Indonesia
- GAC Shipping (India) Pvt Ltd
- Barasentosa Lestari - Indonesia
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Borneo Indobara - Indonesia
- Planning Commission, India
- Energy Development Corp, Philippines
- Agrawal Coal Company - India
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- Parliament of New Zealand
- International Coal Ventures Pvt Ltd - India
- Africa Commodities Group - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Minerals Council of Australia
- Mintek Dendrill Indonesia
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Dalmia Cement Bharat India
- Orica Mining Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- Larsen & Toubro Limited - India
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tamil Nadu electricity Board
- Intertek Mineral Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Deloitte Consulting - India
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Star Paper Mills Limited - India
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Straits Asia Resources Limited - Singapore
- Independent Power Producers Association of India
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- Cement Manufacturers Association - India
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- London Commodity Brokers - England
- Australian Commodity Traders Exchange
- PTC India Limited - India
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Jaiprakash Power Ventures ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- GMR Energy Limited - India
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- Altura Mining Limited, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bhatia International Limited - India
- Power Finance Corporation Ltd., India
- Leighton Contractors Pty Ltd - Australia
- ASAPP Information Group - India
- Latin American Coal - Colombia
- VISA Power Limited - India
- Indian Oil Corporation Limited
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- SMC Global Power, Philippines
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- Jindal Steel & Power Ltd - India
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sical Logistics Limited - India
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
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