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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, 06 May 15
COMBINATION OF HOLIDAYS AND A SHAKY MARKET PUT ADDITIONAL PRESSURE ON RATES
COALspot.com: The combination of holidays and a shaky market is always a recipe for additional pressure on rates and last week was no exception. Wi ...
Wednesday, 06 May 15
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
The first four months of 2015 are now behind us and they make up for a decent amount of time to look back and assess how the year is evolving so fa ...
Tuesday, 05 May 15
MIFA BERSAUDARA UNIT OF ABM INVESTAMA STARTS OPERATING $200M COAL MINE IN ACEH
Reswara Minergi Hartama, a coal mining unit of coal miner ABM Investama known as known as Reswara, inaugurated a $200 million integrated coal minin ...
Tuesday, 05 May 15
FREIGHT DERIVATIVE VOLUMES REACHED TOTALED 14,154 CONTRACTS IN APRIL - SGX
COALspot.com: “Our unique suite of freight and bulk commodity products provides market participants with a wide range of trading strategies a ...
Tuesday, 05 May 15
OVERSUPPLY PUTTING INDONESIAN COAL PRICES UNDER PRESSURE
COALspot.com: Indonesian coal swap for delivery Q3 2015 lost week over week and month on month, this past week.
The Q3 swap was declined US$ 1 ...
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- Malabar Cements Ltd - India
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maheswari Brothers Coal Limited - India
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Aditya Birla Group - India
- Minerals Council of Australia
- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Videocon Industries ltd - India
- Star Paper Mills Limited - India
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- Marubeni Corporation - India
- ASAPP Information Group - India
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Posco Energy - South Korea
- IEA Clean Coal Centre - UK
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- Ministry of Finance - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Indian Oil Corporation Limited
- San Jose City I Power Corp, Philippines
- Trasteel International SA, Italy
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- Parliament of New Zealand
- Standard Chartered Bank - UAE
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Bhatia International Limited - India
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- The Treasury - Australian Government
- Indika Energy - Indonesia
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CNBM International Corporation - China
- Essar Steel Hazira Ltd - India
- Ministry of Transport, Egypt
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- Simpson Spence & Young - Indonesia
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- Siam City Cement PLC, Thailand
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Timah Investasi Mineral - Indoneisa
- Mintek Dendrill Indonesia
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Thai Mozambique Logistica
- Altura Mining Limited, Indonesia
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