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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, 11 May 15
API 5 FOB NEWCASTLE COAL SWAP; INCREASED M-O-M; DECLINED W-O-W
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery gained US$ 0.62 per MT (1.41%) month over month and lost US$ 0.88 week on w ...
Monday, 11 May 15
CFR SOUTH CHINA COAL SWAP: DECLINED MOM AND WOW
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery declined US$ 0.46 (-0.90%) per MT month over month and US$ 0.28 (0. ...
Monday, 11 May 15
KOREA MIDLAND POWER INVITES BIDS FOR 140K MT OF 4600 NAR COAL
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued a new tender to buy total 140,000 Metric Tons (MT) of Sub-bitumi ...
Sunday, 10 May 15
FREIGHT RATES TO REMAIN SOFT NEXT WEEK
COALspot.com: The freight market was flat to soft week over week except for the Cape Index which was up 7.32%. Cape index was closed at 616 p ...
Friday, 08 May 15
BUSIEST CAPESIZE DEMOLITION MARKET EVER - BIMCO
The activity on the demolition market is off to a good start in 2015 when looking at dry bulk tonnage.
The dry bulk market has long suffered f ...
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- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- LBH Netherlands Bv - Netherlands
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- MS Steel International - UAE
- Bhatia International Limited - India
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- SMC Global Power, Philippines
- Petron Corporation, Philippines
- The University of Queensland
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- Globalindo Alam Lestari - Indonesia
- Lanco Infratech Ltd - India
- Central Electricity Authority - India
- Indika Energy - Indonesia
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- Global Coal Blending Company Limited - Australia
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- SMG Consultants - Indonesia
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- London Commodity Brokers - England
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Kalimantan Lumbung Energi - Indonesia
- Anglo American - United Kingdom
- Posco Energy - South Korea
- Altura Mining Limited, Indonesia
- Chamber of Mines of South Africa
- Malabar Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Wilmar Investment Holdings
- White Energy Company Limited
- Borneo Indobara - Indonesia
- Intertek Mineral Services - Indonesia
- Jindal Steel & Power Ltd - India
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- Star Paper Mills Limited - India
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- CNBM International Corporation - China
- Thai Mozambique Logistica
- VISA Power Limited - India
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- San Jose City I Power Corp, Philippines
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- PTC India Limited - India
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- Ambuja Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- Cement Manufacturers Association - India
- Straits Asia Resources Limited - Singapore
- Coastal Gujarat Power Limited - India
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- Uttam Galva Steels Limited - India
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Eastern Coal Council - USA
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