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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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Wednesday, 13 May 15
MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
The EU governments in an effort to face their economic crisis individually are facing lack of political cohesion. This reflects back to each econom ...
Tuesday, 12 May 15
FOB INDONESIA COAL SWAP; DECLINED M-O-M AND W-O-W
COALspot.com: Indonesian coal swap for delivery Q3 2015 lost week over week and month on month, this past week.
The Q3 swap was declined US$ 0 ...
Tuesday, 12 May 15
FOB RICHARDS BAY COAL SWAPS: LOST W-O-W; GAIN M-O-M
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 increased month over month and decreased week over week.
The Q3 swap h ...
Monday, 11 May 15
DRY BULK CARRIER ORDERS CRASH TO A TWENTY YEAR LOW - CLARKSONS
In the last four months dry bulk orders have fallen to 0.4m dwt per month, the lowest level since the 1990s. This is a massive 98% reduction from t ...
Monday, 11 May 15
HBA PRICE DIPS FURTHER; LOWEST RECORDED SINCE JANUARY 2009
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down Indonesian coal benchmark prices to US$ 61.08 per MT in May ...
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Showing 3026 to 3030 news of total 6871 |
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- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Ministry of Transport, Egypt
- ASAPP Information Group - India
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- Krishnapatnam Port Company Ltd. - India
- Jaiprakash Power Ventures ltd
- Africa Commodities Group - South Africa
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- Kumho Petrochemical, South Korea
- Romanian Commodities Exchange
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- Edison Trading Spa - Italy
- Energy Link Ltd, New Zealand
- Wilmar Investment Holdings
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Tata Chemicals Ltd - India
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Heidelberg Cement - Germany
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- Standard Chartered Bank - UAE
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
- Cement Manufacturers Association - India
- Thiess Contractors Indonesia
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- MS Steel International - UAE
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- The University of Queensland
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Grasim Industreis Ltd - India
- Gujarat Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Oldendorff Carriers - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- Gujarat Sidhee Cement - India
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- Therma Luzon, Inc, Philippines
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- Indika Energy - Indonesia
- White Energy Company Limited
- PTC India Limited - India
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Planning Commission, India
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- Billiton Holdings Pty Ltd - Australia
- Coal and Oil Company - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- Economic Council, Georgia
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- Kepco SPC Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- Minerals Council of Australia
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Latin American Coal - Colombia
- Leighton Contractors Pty Ltd - Australia
- Mjunction Services Limited - India
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- IHS Mccloskey Coal Group - USA
- Uttam Galva Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
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