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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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Tuesday, 12 May 15
FOB INDONESIA COAL SWAP; DECLINED M-O-M AND W-O-W
COALspot.com: Indonesian coal swap for delivery Q3 2015 lost week over week and month on month, this past week.
The Q3 swap was declined US$ 0 ...
Tuesday, 12 May 15
FOB RICHARDS BAY COAL SWAPS: LOST W-O-W; GAIN M-O-M
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 increased month over month and decreased week over week.
The Q3 swap h ...
Monday, 11 May 15
DRY BULK CARRIER ORDERS CRASH TO A TWENTY YEAR LOW - CLARKSONS
In the last four months dry bulk orders have fallen to 0.4m dwt per month, the lowest level since the 1990s. This is a massive 98% reduction from t ...
Monday, 11 May 15
HBA PRICE DIPS FURTHER; LOWEST RECORDED SINCE JANUARY 2009
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down Indonesian coal benchmark prices to US$ 61.08 per MT in May ...
Monday, 11 May 15
API 5 FOB NEWCASTLE COAL SWAP; INCREASED M-O-M; DECLINED W-O-W
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery gained US$ 0.62 per MT (1.41%) month over month and lost US$ 0.88 week on w ...
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- PTC India Limited - India
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Coal and Oil Company - UAE
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Deloitte Consulting - India
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- San Jose City I Power Corp, Philippines
- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- Electricity Generating Authority of Thailand
- Sakthi Sugars Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- Thai Mozambique Logistica
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meralco Power Generation, Philippines
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Salva Resources Pvt Ltd - India
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
- Semirara Mining Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Xindia Steels Limited - India
- White Energy Company Limited
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Mercuria Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Anglo American - United Kingdom
- London Commodity Brokers - England
- Straits Asia Resources Limited - Singapore
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Energy Link Ltd, New Zealand
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- Africa Commodities Group - South Africa
- Merrill Lynch Commodities Europe
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- Renaissance Capital - South Africa
- Bhatia International Limited - India
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Orica Australia Pty. Ltd.
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- Jaiprakash Power Ventures ltd
- Posco Energy - South Korea
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
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