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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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Friday, 05 June 15
U.S PRODUCED 15.1 MMST OF COAL THIS PAST WEEK; LESS 20.7% COMPARED TO SAME PERIOD IN 2014
COALspot.com – United States the second largest coal producer in the world has produced approximately totalled an estimated 15.1 million shor ...
Thursday, 04 June 15
DRY BULK MARKET FAILED TO OFFER ANY POSITIVE SURPRISES - INTERMODAL
COALspot.com: This has been another week that the Dry Bulk market failed to offer any positive surprises, while the BDI, which is still faring belo ...
Wednesday, 03 June 15
SHIPPING MARKET INSIGHT - VASSILIS LOGOTHETIS
For some time now the Dry Bulk market has been severely affected by China’s slowing GDP growth rate that occurs in the background of increase ...
Tuesday, 02 June 15
FOB INDONESIA COAL Q3 SWAP ADVANCED 1.73% MONTH OVER MONTH
COALspot.com: Indonesian coal swap for delivery Q3 2015 gains month on month and lost week over week, this past week.
The Q3 swap was climbed ...
Tuesday, 02 June 15
FOB RICHARDS BAY COAL SWAPS; Q3'15 CLOSED HIGHER THAN Q1'16
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 up month over month and week over week.
The Q3 swap was up US$ 0.80 (1 ...
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- San Jose City I Power Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- New Zealand Coal & Carbon
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- European Bulk Services B.V. - Netherlands
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Economic Council, Georgia
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- VISA Power Limited - India
- Indian Energy Exchange, India
- MS Steel International - UAE
- Singapore Mercantile Exchange
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- Coal and Oil Company - UAE
- Straits Asia Resources Limited - Singapore
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- Bayan Resources Tbk. - Indonesia
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- The University of Queensland
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- CIMB Investment Bank - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- Xindia Steels Limited - India
- Tamil Nadu electricity Board
- Samtan Co., Ltd - South Korea
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Mjunction Services Limited - India
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- Anglo American - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- Tata Chemicals Ltd - India
- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Cement Manufacturers Association - India
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Bangladesh Power Developement Board
- Central Electricity Authority - India
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Dalmia Cement Bharat India
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
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