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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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Wednesday, 01 April 15
SUPRAMAX & HANDY: RATES HELD STEADY TOWARDS THE WEEKEND
“Despite the fact that the Dry Bulk market closed off on the green last week, sentiment didn't improve by any means, not only because of ...
Wednesday, 01 April 15
WEEKLY SHIPPING MARKET UPDATE - INTERMODAL
There is no doubt that we are still witnessing a very challenging and at the same time very uncertain market, both with respect to dry chartering a ...
Wednesday, 01 April 15
Q4' 15 INDONESIA COAL SWAP CLOSED AT $45.15 W/E 27 MARCH 2015
COALspot.com: Indonesian coal swap for delivery Q2' 2015 drops month on month and week over week.
The Q2 swap declined US$ 1.54 (3.24%) mo ...
Tuesday, 31 March 15
RICHARDS BAY COAL SWAPS GAIN WEEK OVER WEEK
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 declined month over month but increased week on week.
The Q2 swap has ...
Monday, 30 March 15
WORST IS OVER FOR THE DRY BULK MARKET, BUT THE PAIN WILL REMAIN FOR YEARS TO COME, SAYS BIMCO CHIEF ANALYST - HELLENIC SHIPPING
The current demise of the dry bulk market isn’t one to go away anytime soon. That doesn’t mean that it can’t improve, with all sh ...
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- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- McConnell Dowell - Australia
- Posco Energy - South Korea
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- Indonesian Coal Mining Association
- OPG Power Generation Pvt Ltd - India
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Karaikal Port Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- Heidelberg Cement - Germany
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- Coalindo Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- Videocon Industries ltd - India
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- Cigading International Bulk Terminal - Indonesia
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- Deloitte Consulting - India
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Central Electricity Authority - India
- India Bulls Power Limited - India
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- Romanian Commodities Exchange
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- Makarim & Taira - Indonesia
- Vedanta Resources Plc - India
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Lanco Infratech Ltd - India
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- White Energy Company Limited
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- Uttam Galva Steels Limited - India
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Borneo Indobara - Indonesia
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Sakthi Sugars Limited - India
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- Sical Logistics Limited - India
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Grasim Industreis Ltd - India
- The University of Queensland
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Power Finance Corporation Ltd., India
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- Coal and Oil Company - UAE
- Bulk Trading Sa - Switzerland
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Petron Corporation, Philippines
- Bangladesh Power Developement Board
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
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