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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, 24 April 15
CHINA IRON ORE MINE CLOSURES TO SLOW ON GOVERNMENT SUPPORT - FITCH
Fitch Ratings expects fewer Chinese iron ore mine closures in 2015 as the government takes steps to support the industry, which has been struggling ...
Friday, 24 April 15
IS INDIA THE 'NEW CHINA' WHEN IT COMES TO THE DRY BULK MARKET? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been feeling the “heat” of China’s slowdown and together with the industry’s own failings, with ove ...
Friday, 24 April 15
GLOBAL STEEL PRODUCTION OUTSIDE OF CHINA CONTINUES TO FARE VERY POORLY - JEFFREY LANDSBERG
COALspot.com: Data released this week showed that global crude steel production totaled approximately 138.05 million tons in March.
Wha ...
Friday, 24 April 15
WEEKLY U.S. COAL PRODUCTION ESTIMATE FALLS 5.7% FROM LAST WEEK
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 17.0 million short ...
Wednesday, 22 April 15
PANAMAX : ATLANTIC HOLDING ON TO THE GAINS OF THE PREVIOUS WEEK; PACIFIC BUSINESS SLID QUIETLY
COALspot.com: The Dry Bulk market managed to close off the week on a positive note last Friday, while as opposed to what we have been used to, it w ...
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- Energy Development Corp, Philippines
- Medco Energi Mining Internasional
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Sical Logistics Limited - India
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Malabar Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Mercator Lines Limited - India
- Binh Thuan Hamico - Vietnam
- The University of Queensland
- Merrill Lynch Commodities Europe
- Wood Mackenzie - Singapore
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Sakthi Sugars Limited - India
- Global Coal Blending Company Limited - Australia
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- Orica Australia Pty. Ltd.
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- Semirara Mining Corp, Philippines
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- White Energy Company Limited
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- International Coal Ventures Pvt Ltd - India
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- Anglo American - United Kingdom
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- Dalmia Cement Bharat India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- Australian Coal Association
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- New Zealand Coal & Carbon
- Indika Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- PNOC Exploration Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
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