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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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Sunday, 19 April 15
THE OCEAN FREIGHT MARKET SHOWED STEADY THIS WEEK
COALspot.com: The freight market was fairly steady this week. The BDI was up 2.93% to 597 points week over week. The cape index was also increased ...
Friday, 17 April 15
IHS ENERGY EUROPEAN COAL OUTLOOK CONFERENCE
Attend the IHS Energy European Coal Outlook Conference 19-20 May in Nice, France and learn about timely concerns in today’s coal industry.
...
Friday, 17 April 15
COAL PRODUCTION IN THE U.S. UP THIS PAST WEEK - EIA
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 18.0 million short ...
Thursday, 16 April 15
NEW COMMODITY SUPERHIGHWAY WILL EMERGE IN CHINA, ALTERING ENERGY TRADE FLOWS - WOOD MACKENZIE
Wood Mackenzie says that China’s Go West strategy – encouraging coastal to inland flow of capital and people - will result in the forma ...
Thursday, 16 April 15
SHIPPING DEMAND TO SUFFER AS CHINESE SLOWDOWN CONFIRMED SAYS BIMCO'S CHIEF SHIPPING ANALYST - BIMCO
The Chinese economy grew by 7.0% y-o-y in the first quarter of 2015, according to National Bureau of Statistics in China. This is the weakest overa ...
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- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- The University of Queensland
- Essar Steel Hazira Ltd - India
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Mercator Lines Limited - India
- Madhucon Powers Ltd - India
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- Formosa Plastics Group - Taiwan
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- Medco Energi Mining Internasional
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Coastal Gujarat Power Limited - India
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Metalloyd Limited - United Kingdom
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- Port Waratah Coal Services - Australia
- Star Paper Mills Limited - India
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- Coalindo Energy - Indonesia
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- OPG Power Generation Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- Kepco SPC Power Corporation, Philippines
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- Anglo American - United Kingdom
- Heidelberg Cement - Germany
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bhushan Steel Limited - India
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- Global Green Power PLC Corporation, Philippines
- Marubeni Corporation - India
- White Energy Company Limited
- Central Java Power - Indonesia
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- Australian Coal Association
- Kalimantan Lumbung Energi - Indonesia
- Global Business Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Ministry of Mines - Canada
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Wilmar Investment Holdings
- PTC India Limited - India
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