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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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- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- Parliament of New Zealand
- Holcim Trading Pte Ltd - Singapore
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- Bhushan Steel Limited - India
- Ceylon Electricity Board - Sri Lanka
- Sojitz Corporation - Japan
- Planning Commission, India
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- Georgia Ports Authority, United States
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- ICICI Bank Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Billiton Holdings Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- The State Trading Corporation of India Ltd
- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Indo Tambangraya Megah - Indonesia
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Vedanta Resources Plc - India
- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Deloitte Consulting - India
- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
- Renaissance Capital - South Africa
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- Parry Sugars Refinery, India
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Makarim & Taira - Indonesia
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- Australian Commodity Traders Exchange
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Straits Asia Resources Limited - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- Ind-Barath Power Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Savvy Resources Ltd - HongKong
- Oldendorff Carriers - Singapore
- Pendopo Energi Batubara - Indonesia
- Metalloyd Limited - United Kingdom
- GAC Shipping (India) Pvt Ltd
- London Commodity Brokers - England
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- Indika Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- Interocean Group of Companies - India
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Indian Energy Exchange, India
- The Treasury - Australian Government
- Aboitiz Power Corporation - Philippines
- Ambuja Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- ASAPP Information Group - India
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- OPG Power Generation Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Formosa Plastics Group - Taiwan
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
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