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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.
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Friday, 29 May 15
COAL PRODUCTION IN THE U.S. ALMOST FLAT THIS PAST WEEK
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 16.1 million short ...
Friday, 29 May 15
SOUTH KOREAN STATE-OWNED UTILITY KOREA MIDLAND POWER INVITES BIDS FOR 780K MT OF COAL FOR H2' 15
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender to buy total 780K Metric Tons (MT) of HCV and LCV ...
Thursday, 28 May 15
TIMEBAR FOR DEMURRAGE CLAIMS - SKULD
KNOWLEDGE TO ELEVATE
English law has traditionally had a strict approach to contractually agreed time bars between commercial parties as well ...
Wednesday, 27 May 15
MARKET INSIGHT - TIMOS PAPADIMITRIOU
Earlier in the year I looked at how the market was reacting to the prolonged fall of the price of oil. Back then it was still unclear if the fallin ...
Tuesday, 26 May 15
HOW HAS THE DROP IN OIL PRICES AFFECTED OTHER COMMODITIES? - CLYDE & CO
KNOWLEDGE TO ELEVATE
The effects of the dramatic drop in the price of both Ice March Brent, the international oil marker, and its US counterpa ...
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- Bukit Makmur.PT - Indonesia
- Wilmar Investment Holdings
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Georgia Ports Authority, United States
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
- Parliament of New Zealand
- Orica Mining Services - Indonesia
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Bhatia International Limited - India
- Cigading International Bulk Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- GMR Energy Limited - India
- Indonesian Coal Mining Association
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- Holcim Trading Pte Ltd - Singapore
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- Deloitte Consulting - India
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Borneo Indobara - Indonesia
- Eastern Energy - Thailand
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- Attock Cement Pakistan Limited
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- Mintek Dendrill Indonesia
- Kepco SPC Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- London Commodity Brokers - England
- Interocean Group of Companies - India
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
- Indogreen Group - Indonesia
- PTC India Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- GN Power Mariveles Coal Plant, Philippines
- Indika Energy - Indonesia
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