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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, 22 May 15
FOB INDONESIA COAL Q3'15 SWAP FINISHED THE WEEK UP 38 CENTS TO $43.65 PER MT
COALspot.com: Indonesian coal swap for delivery Q3 2015 gains week over week and lost month on month, past week.
The Q3 swap was declined US$ ...
Friday, 22 May 15
U.S WEEKLY COAL PRODUCTION STAYS FLAT AT 16 MMST
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 16.0 million short ...
Thursday, 21 May 15
PORT OF NEWCASTLE ACHIEVED ITS BEST EVER TOTAL COAL EXPORT TURNOVER OF 159 MILLION TONS IN 2014
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $900 million ...
Thursday, 21 May 15
ATLANTIC PANAMAX MARKET STARTED TO IMPROVE SLOWLY - INTERMODAL
COALspot.com: The Dry Bulk market closed off the week on the green last week, purely on the back of improved Capesize performance, while the rest o ...
Wednesday, 20 May 15
LOWER PRICES SEEN IN NEWBUILDING MARKET ON LOW DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Cash-rich ship owners, or at least, owners with substantial access to financing will be among the prime candidates, who will reap the benefits of t ...
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- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- The University of Queensland
- Karaikal Port Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Semirara Mining and Power Corporation, Philippines
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- Banpu Public Company Limited - Thailand
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- Ambuja Cements Ltd - India
- Posco Energy - South Korea
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- Miang Besar Coal Terminal - Indonesia
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- Gujarat Sidhee Cement - India
- Savvy Resources Ltd - HongKong
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- PTC India Limited - India
- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Makarim & Taira - Indonesia
- Australian Coal Association
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- Central Electricity Authority - India
- San Jose City I Power Corp, Philippines
- Carbofer General Trading SA - India
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- SMG Consultants - Indonesia
- Marubeni Corporation - India
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- Planning Commission, India
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- Parliament of New Zealand
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- Parry Sugars Refinery, India
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
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