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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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Tuesday, 07 April 15
Q3 FOB RICHARDS BAY COAL SWAP CLOSED AT $ 55.96 PMT; DOWN 8.40% M-M
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q2' 2015 declined month over month and week on week.
The Q2 swap has declined U ...
Monday, 06 April 15
INDONESIA'S HBA FIXED AT US$ 64.48 PMT FOR APRIL DELIVERY; DOWN 4.84% M-M
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down Indonesian coal benchmark prices to US$ 64.48 per MT in Apr ...
Monday, 06 April 15
FOB NEWCASTLE COAL SWAP DECLINED 12% MONTH OVER MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 6.23 per MT (-12%) month over month and US$ 0.86 (-1.85%) week ...
Monday, 06 April 15
CFR SOUTH CHINA COAL SWAP FALL CONTINUES
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 5.96 (-10.37%) per MT month over month and US$ 0.98 (- ...
Sunday, 05 April 15
FREIGHT RATES UNDER PRESSURE WEEK OVER WEEK
COALspot.com: The Indices fell on all segments and the market seemed to soften this week.
The BDI was almost lost 1.34% week over week and clo ...
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Showing 3086 to 3090 news of total 6871 |
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- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- OPG Power Generation Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Thai Mozambique Logistica
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- The University of Queensland
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- White Energy Company Limited
- Romanian Commodities Exchange
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Heidelberg Cement - Germany
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- Ceylon Electricity Board - Sri Lanka
- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- Deloitte Consulting - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- McConnell Dowell - Australia
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- GMR Energy Limited - India
- Central Java Power - Indonesia
- Electricity Generating Authority of Thailand
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- Xindia Steels Limited - India
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Medco Energi Mining Internasional
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- VISA Power Limited - India
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- Simpson Spence & Young - Indonesia
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- Indika Energy - Indonesia
- Economic Council, Georgia
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- Standard Chartered Bank - UAE
- Madhucon Powers Ltd - India
- Planning Commission, India
- TeaM Sual Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Mercator Lines Limited - India
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- Uttam Galva Steels Limited - India
- Latin American Coal - Colombia
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Parliament of New Zealand
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- Anglo American - United Kingdom
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- Sarangani Energy Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
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