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