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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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Friday, 08 May 15
COAL PRODUCTION IN U.S. UP 3.2% THIS PAST WEEK - EIA
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 17.4 million short ...
Wednesday, 06 May 15
COMBINATION OF HOLIDAYS AND A SHAKY MARKET PUT ADDITIONAL PRESSURE ON RATES
COALspot.com: The combination of holidays and a shaky market is always a recipe for additional pressure on rates and last week was no exception. Wi ...
Wednesday, 06 May 15
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
The first four months of 2015 are now behind us and they make up for a decent amount of time to look back and assess how the year is evolving so fa ...
Tuesday, 05 May 15
MIFA BERSAUDARA UNIT OF ABM INVESTAMA STARTS OPERATING $200M COAL MINE IN ACEH
Reswara Minergi Hartama, a coal mining unit of coal miner ABM Investama known as known as Reswara, inaugurated a $200 million integrated coal minin ...
Tuesday, 05 May 15
FREIGHT DERIVATIVE VOLUMES REACHED TOTALED 14,154 CONTRACTS IN APRIL - SGX
COALspot.com: “Our unique suite of freight and bulk commodity products provides market participants with a wide range of trading strategies a ...
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- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Economic Council, Georgia
- Binh Thuan Hamico - Vietnam
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Anglo American - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tata Chemicals Ltd - India
- Minerals Council of Australia
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- The Treasury - Australian Government
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- Global Business Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wilmar Investment Holdings
- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Oldendorff Carriers - Singapore
- Baramulti Group, Indonesia
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- Sree Jayajothi Cements Limited - India
- Timah Investasi Mineral - Indoneisa
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Independent Power Producers Association of India
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- Australian Commodity Traders Exchange
- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Bukit Asam (Persero) Tbk - Indonesia
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- Kartika Selabumi Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- Port Waratah Coal Services - Australia
- Vedanta Resources Plc - India
- Planning Commission, India
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- Australian Coal Association
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- India Bulls Power Limited - India
- White Energy Company Limited
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- Antam Resourcindo - Indonesia
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
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