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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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Wednesday, 20 May 15
FOB RICHARDS BAY COAL SWAPS GAINED M-O-M, W-O-W
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 increased month over month and week over week.
The Q3 swap has increas ...
Wednesday, 20 May 15
BUKIT ASAM'S AVERAGE EXPORT PRICE WAS UNDER PRESSURE DURING Q1
COALspot.com: Indonesia’s state owned coal producer saw their profits fall in the first quarter of the year compared to the same period last ...
Wednesday, 20 May 15
IRON ORE PRICES TO REMAIN WEAK ON LOW DEMAND, HIGH OUTPUT - FITCH
Iron ore prices will stay low for several years due to increasing supply, weak demand growth in China and the slower-than-expected closure of high- ...
Tuesday, 19 May 15
KOMIPO IS SEEKING TOTAL 2.34 MMT OF HCV AND LCV COAL FOR 2015 - 2017
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender to buy total 2.34 million Metric Tons (MT) of HCV ...
Monday, 18 May 15
FOB NEWCASTLE COAL SWAPS SCORE MONTHLY GAINS
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery gained US$ 0.87 per MT (1.99%) month over month and lost US$ 0.03 week on w ...
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- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- Siam City Cement - Thailand
- Planning Commission, India
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- Karaikal Port Pvt Ltd - India
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- Carbofer General Trading SA - India
- Vizag Seaport Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Kartika Selabumi Mining - Indonesia
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- Banpu Public Company Limited - Thailand
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- Kumho Petrochemical, South Korea
- Indo Tambangraya Megah - Indonesia
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- Mercuria Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Siam City Cement PLC, Thailand
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- White Energy Company Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- TeaM Sual Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- London Commodity Brokers - England
- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Independent Power Producers Association of India
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Energy - Thailand
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- Aditya Birla Group - India
- Sinarmas Energy and Mining - Indonesia
- Australian Coal Association
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- Simpson Spence & Young - Indonesia
- Ministry of Finance - Indonesia
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Salva Resources Pvt Ltd - India
- Marubeni Corporation - India
- SMC Global Power, Philippines
- Aboitiz Power Corporation - Philippines
- Meralco Power Generation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Eastern Coal Council - USA
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
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