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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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Showing 3026 to 3030 news of total 6871 |
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- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- Formosa Plastics Group - Taiwan
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- Ministry of Transport, Egypt
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- Larsen & Toubro Limited - India
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- Maheswari Brothers Coal Limited - India
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- The University of Queensland
- Parliament of New Zealand
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Oldendorff Carriers - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- Planning Commission, India
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- Kapuas Tunggal Persada - Indonesia
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- Ministry of Mines - Canada
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sakthi Sugars Limited - India
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Indogreen Group - Indonesia
- Bayan Resources Tbk. - Indonesia
- Heidelberg Cement - Germany
- Economic Council, Georgia
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coastal Gujarat Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- Renaissance Capital - South Africa
- Orica Mining Services - Indonesia
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- Malabar Cements Ltd - India
- IEA Clean Coal Centre - UK
- Directorate General of MIneral and Coal - Indonesia
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- Power Finance Corporation Ltd., India
- Karaikal Port Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Antam Resourcindo - Indonesia
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Rio Tinto Coal - Australia
- Singapore Mercantile Exchange
- Price Waterhouse Coopers - Russia
- Kumho Petrochemical, South Korea
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