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Thursday, 30 June 16
OIL PRODUCT TANKERS EARNINGS DECLINE AS STOCKBUILDING SLOWS DOWN - BIMCO
 BIMCO’s expectations remain as the oil product tanker fleet continues to grow with earnings at the lowest since Q3 in 2014. But there is still money to be made in the second half of 2016.
The oil product tanker market has reached a net fleet growth of 4.3m DWT so far in 2016. That is well in line with BIMCO’s full estimate of 8.5m DWT for the full year 2016. The main drivers of the total growth continue to be the MRs and LR2s.
With a net fleet growth of 5.8 % in 2015, the oil product tankers are looking to continue the trend of elevated supply growth with 3.0 % growth so far in 2016 – for the full year BIMCO expects 6.0 %.
Chief Analyst Peter Sand comments: “The LR2s and MRs are the leading segments for fleet growth in the oil product tanker market – in percentage as well as DWT in 2014 and 2015. This trend continues into the first half of 2016. Based on the current and anticipated new orders, BIMCO expects the net fleet growth in 2016 to be around the same level as in 2015 and likely to come down in 2017.
The earnings have been in decline since the beginning of 2016 and are actually at the lowest since Q3 in 2014. The reason for the decline is a combination of fleet growth alongside the deceleration of oil product stock building that was seen at the end of 2015 and early 2016. This is diminishing demand growth. While oil product production has been running ahead of end consumption, oil product tanker demand has risen above trend”.
Earnings decreasing into Q2 2016
All four oil product tanker segments have experienced an overall decline in earnings in 2016, with the LR2 seeing a 54 % decline from USD 33,966 per day from 1 January 2016 to USD 15,703 per day on 24 June 2016.
Peter Sand adds: “Due to our expectations that the freight rates would decline, we recommended back in January to fix some capacity on longer timecharters for companies with a high exposure to the spot market. We still see this need. As the spot rates are declining it is important to manage your risk and exposure to the market, as earnings could drop even further”.
Despite the demand side growing more than anticipated, the inflow of new tonnage has affected the freight market fundamentals and led to the present earnings.
Demand and supply for global oil is set to even out in Q3.
The demand growth for global oil according to The International Energy Agency (IEA) is up by 1.4 million barrels per day (mb/d) year on year for Q1 2016, compared to the previous expected 1.2 mb/d. Furthermore, they expect the demand and supply for global oil to be in balance in Q3 2016.
Peter Sand comments: “This balance puts an overhanging risk onto the global oil stockbuilding, which we have seen being built up on a large scale since mid-2014. When the global oil supply no longer outstrips global oil demand and the refineries cannot take advantage of the low and volatile crude oil prices, they do not contribute to further stockbuilding.
The increase in global oil demand and eventual levelling out over supply of oil means we will stop building stocks. We may even begin to draw down on the swollen stocks. This in turn presents an outside risk to the oil product tanker market. However, we could also see the new stock levels become permanent and so the tanker demand will not be affected in this way. Only time will tell how the dynamics will play out”.
Source: BIMCO
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Monday, 08 August 16
THE TURKISH GOVERNMENT HAS IMPOSED A $15 A TON DUTY ON POWER PLANT COAL IMPORTS - MEDIA
COALspot.com: The Turkish government has imposed a US$15 per ton duty on thermal coal imports for use in its power sector.
According to media ...
Monday, 08 August 16
THE BALTIC EXCHANGE, TRACKING RATES FOR SHIPS CARRYING DRY BULK COMMODITIES SLIDE SLIGHTLY
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities slide slightly as Panamax and Supramax segments ending in ...
Monday, 08 August 16
ARE EXPENSES INCURRED DURING NEGOTIATION OF A PIRATE RANSOM RECOVERABLE IN GENERAL AVERAGE? - CLYDE&CO
KNOWLEDGE TO ELEVATE
Facts
The laden chemical tanker LONGCHAMP was transiting the Gulf of Aden on passage to Vietnam. The ship was subject t ...
Saturday, 06 August 16
DRY BULK SHIPPING CHARTER RATES TO RISE ON UNEXPECTED DEMAND GROWTH - DREWRY
Increasing trade and contracting supply will support a recovery in charter rates on major dry bulk shipping routes, with the prospect of China impo ...
Friday, 05 August 16
WEEKLY U.S. COAL OUTPUT TOTALED AN ESTIMATED 16.1 MMST IN THE WEEK ENDED JULY 30 - EIA
COALspot.com – U.S., the world’s second largest coal producers has produced approximately totalled an estimated 16.1 million short tons ...
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- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- Petron Corporation, Philippines
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- GMR Energy Limited - India
- India Bulls Power Limited - India
- Bhatia International Limited - India
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- Indian Oil Corporation Limited
- White Energy Company Limited
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- ASAPP Information Group - India
- The University of Queensland
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Sindya Power Generating Company Private Ltd
- Global Coal Blending Company Limited - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Planning Commission, India
- Economic Council, Georgia
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- SN Aboitiz Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chamber of Mines of South Africa
- Sakthi Sugars Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- Vizag Seaport Private Limited - India
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Merrill Lynch Commodities Europe
- Bulk Trading Sa - Switzerland
- Star Paper Mills Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- Eastern Energy - Thailand
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sojitz Corporation - Japan
- Xindia Steels Limited - India
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
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