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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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Monday, 11 May 15
CFR SOUTH CHINA COAL SWAP: DECLINED MOM AND WOW
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery declined US$ 0.46 (-0.90%) per MT month over month and US$ 0.28 (0. ...
Monday, 11 May 15
KOREA MIDLAND POWER INVITES BIDS FOR 140K MT OF 4600 NAR COAL
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued a new tender to buy total 140,000 Metric Tons (MT) of Sub-bitumi ...
Sunday, 10 May 15
FREIGHT RATES TO REMAIN SOFT NEXT WEEK
COALspot.com: The freight market was flat to soft week over week except for the Cape Index which was up 7.32%. Cape index was closed at 616 p ...
Friday, 08 May 15
BUSIEST CAPESIZE DEMOLITION MARKET EVER - BIMCO
The activity on the demolition market is off to a good start in 2015 when looking at dry bulk tonnage.
The dry bulk market has long suffered f ...
Friday, 08 May 15
COAL PRODUCTION IN U.S. UP 3.2% THIS PAST WEEK - EIA
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 17.4 million short ...
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- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- The University of Queensland
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- GAC Shipping (India) Pvt Ltd
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- Carbofer General Trading SA - India
- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- SMG Consultants - Indonesia
- Pendopo Energi Batubara - Indonesia
- Rio Tinto Coal - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- Eastern Coal Council - USA
- Ministry of Finance - Indonesia
- MS Steel International - UAE
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- Straits Asia Resources Limited - Singapore
- Deloitte Consulting - India
- GMR Energy Limited - India
- PTC India Limited - India
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- Goldman Sachs - Singapore
- Dalmia Cement Bharat India
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Mercator Lines Limited - India
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- Attock Cement Pakistan Limited
- International Coal Ventures Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Economic Council, Georgia
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- Planning Commission, India
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Price Waterhouse Coopers - Russia
- Asmin Koalindo Tuhup - Indonesia
- Electricity Generating Authority of Thailand
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- Kalimantan Lumbung Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
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