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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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Thursday, 16 April 15
INDIA: COAL IMPORTS RISE BY 33 PC TO 240 MT IN FY'15 - PTI
India’s coal imports in the just concluded FY 2015 increased by 33 per cent to about 240 million tonnes.
“Coal import have gone up ...
Thursday, 16 April 15
CAPESIZE: THE SUPPLY AND DEMAND SIDE ARE NOW SUFFERING HEAVILY - FEARNLEYS
Handy
It seems to be some standoff between owners and charterers in both hemispheres this week. Owners are raising their rates while charterers a ...
Thursday, 16 April 15
Q3 FOB RICHARDS BAY COAL SWAP CLOSED AT $ 55.67 PMT
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q2' 2015 declined month over month.
The Q2 swap has declined US$ 1.90 (3.17%) m ...
Wednesday, 15 April 15
PORT OF NEWCASTLE SHIPPED 13.63 MMT OF COAL IN MARCH; UP 4.41% M-O-M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.227 billi ...
Tuesday, 14 April 15
COAL OUTPUT FALLS AS PRICES CONTINUE TO LAG - JP
Coal output dropped by 21 percent in the first three months of the year as low prices for the commodity forced mining companies to reduce activitie ...
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- Bahari Cakrawala Sebuku - Indonesia
- SMG Consultants - Indonesia
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining and Power Corporation, Philippines
- Economic Council, Georgia
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Manunggal Multi Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- India Bulls Power Limited - India
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- Sinarmas Energy and Mining - Indonesia
- Mintek Dendrill Indonesia
- Attock Cement Pakistan Limited
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- Interocean Group of Companies - India
- Intertek Mineral Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Ind-Barath Power Infra Limited - India
- Bharathi Cement Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- PTC India Limited - India
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- Altura Mining Limited, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- SMC Global Power, Philippines
- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- Marubeni Corporation - India
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- Planning Commission, India
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- Globalindo Alam Lestari - Indonesia
- Anglo American - United Kingdom
- White Energy Company Limited
- Ambuja Cements Ltd - India
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- Aboitiz Power Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- Asmin Koalindo Tuhup - Indonesia
- Vedanta Resources Plc - India
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- Coastal Gujarat Power Limited - India
- Commonwealth Bank - Australia
- Vizag Seaport Private Limited - India
- Bulk Trading Sa - Switzerland
- Semirara Mining Corp, Philippines
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- ASAPP Information Group - India
- Pendopo Energi Batubara - Indonesia
- Thai Mozambique Logistica
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Finance - Indonesia
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- Energy Link Ltd, New Zealand
- Binh Thuan Hamico - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Australian Coal Association
- Thiess Contractors Indonesia
- Price Waterhouse Coopers - Russia
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- Minerals Council of Australia
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
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