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Wednesday, 20 May 15
TANKER MARKET INSIGHT - JOHN N. COTZIAS
 Since Early October 2014 the tanker market has been experiencing a very positive momentum and has continued its strong performance so far in 2015. Freight rates in the wet tanker market remained solidly firm and somewhat increasing over the past weeks.
The VLCC TD3 daily is today in excess of $80,000/day, reaching 5 year highs and has improved phenomenally on a y-on-y comparison as around this time last year it was averaging at -$3,000/day. Cargo volumes are at elevated levels with oil production in Saudi Arabia holding at record highs and more crude cargo exports coming out of Iraq’s Basrah. Market expectation is that there is will be an upward trend in VLCC rates in June and it is worth noting that nearly 1 out of 3 VLCC’s taken on T/C during 2015 is being used for storage mostly in the AG, some in Spore, W. Africa & the Med. Suezmaxes were partly assisted by the bullish sentiment of the rising VLCC market and saw the Black Sea-Med TD6 route averaging around $55,000/day during Q12015, which is 70% up from the average during Q12014. Rates for Aframax Tankers are slightly softening over the past month, but the average spot rate is still holding above $25,000/day, with stable activity expected in the short to medium term as well.
Spot earnings for MR tankers are close to $23,500/day while the LR1’s average spot rates are ranging slightly higher at around$25,000/day. LR2’s product tanker rates in the Q12015 averaged the highest for the same period since 2006. These rates have been supported mainly by new refineries in the Middle East, which in turn utilized long haul product exports. Low oil prices have also kept naphtha prices down, making it a competitive alternative to LPG for petrochemical plants feedstock, which ultimately led to strong Asian naphtha imports.
Newbuilding and secondhand prices are also on the rise and in general we are seeing a great volume of transactions on quality modern wet tonnage, as keen buyers appear ready to act on tonnage that could benefit from the strong freight market. More than 105 Secondhand and Resale Tankers of 25.000dwt and above have changed hands since Jan. For the same period we have seen newbuilding orders for more than 130 tankers. The existing tanker orderbook is in excess of 680 vessels, 78% of which is scheduled to be delivered before 2017. At the same time, the healthy returns of the past six months gave tanker owners practically no incentive to send their vessels for scrap. In fact, only 8 large sized tankers went for demo so far in the year, while these where all well above 20 years of age.
According to International Energy Agency (IEA), European oil demand in the first quarter of this year grew at its fastest pace in almost 20 years, increased by 185,000 b/d compared to the Agency’s previous estimates, while low prices and colder weather, were as expected the main reasons behind this strong uptrend. At the same time, China, the world’s second-largest oil consumer behind the United States according to the IEA, is forecasted to consume a little below 12million barrels of oil per day in 2017, with oil consumption doubling since 2004 and oil import dependency up from 30% in 2000 to about 57% in 2014.
So given that oil prices will keep fairing at their lower new normal in the short to medium term, sustaining this way the strong demand for longer, the weight that scheduled deliveries will place on the market is expected to be partly offset, allowing the sector to keep enjoying firm rates with potential of further upside very possible .
By John N. Cotzias
SnP Broker, Intermodal
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.
Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Tuesday, 09 June 15
FOB RICHARDS BAY COAL SWAPS DECLINED M-O-M, W-O-W
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 declined month over month and week over week.
The Q3 swap was fell US$ ...
Monday, 08 June 15
SHIPPING FLEET GROWTH HAS STARTED TO SLOW DOWN, AS NEWBUILDINGS AMOUNT TO JUST 329 SHIPS OF ALL TYPES SINCE THE START OF 2015 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Challenging market conditions have led to the inevitable reconsideration of ship owners’ priorities. Uncertainty has been the norm over the p ...
Monday, 08 June 15
API 5 FOB NEWCASTLE COAL SWAPS ADVANCED M-O-M AND W-O-W
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery increased US$ 0.65 per MT (1.44%) month over month to US$ 45.65 per mt. The ...
Monday, 08 June 15
Q3'15 CFR SOUTH CHINA COAL SWAP ADVANCED 3.51% TO $52.48 PMT THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery rose US$ 1.78 (3.51%) per MT month over month.
A commodity swap is a ...
Sunday, 07 June 15
PANAMAX INDEX ROSE OVER 13% THIS WEEK
COALspot.com: The freight market was up on all segments this past week. The BDI was advanced 3.56% and closed at 610 points. The Cape Index was cli ...
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- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- Essar Steel Hazira Ltd - India
- Sakthi Sugars Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- Romanian Commodities Exchange
- Bharathi Cement Corporation - India
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Kideco Jaya Agung - Indonesia
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- Larsen & Toubro Limited - India
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- MS Steel International - UAE
- Ambuja Cements Ltd - India
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- Xindia Steels Limited - India
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Ministry of Finance - Indonesia
- Energy Development Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- International Coal Ventures Pvt Ltd - India
- Interocean Group of Companies - India
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- PetroVietnam Power Coal Import and Supply Company
- Kohat Cement Company Ltd. - Pakistan
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Renaissance Capital - South Africa
- Madhucon Powers Ltd - India
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- Minerals Council of Australia
- Planning Commission, India
- Bhushan Steel Limited - India
- Timah Investasi Mineral - Indoneisa
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Anglo American - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- Cigading International Bulk Terminal - Indonesia
- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Formosa Plastics Group - Taiwan
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- Indo Tambangraya Megah - Indonesia
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- White Energy Company Limited
- Ministry of Transport, Egypt
- Antam Resourcindo - Indonesia
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Jorong Barutama Greston.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Agrawal Coal Company - India
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- Parliament of New Zealand
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- Indian Oil Corporation Limited
- Manunggal Multi Energi - Indonesia
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- OPG Power Generation Pvt Ltd - India
- Economic Council, Georgia
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Posco Energy - South Korea
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
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