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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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Friday, 05 August 16
CAPESIZE : RATES ARE REMAINING AT DEPRESSING LEVELS DUE TO LACK OF FRESH CARGOES - FEARNLEYS
Supramax
Last week has been one of the slowest for some time with rates under pressure in most areas.
In its latest weekly report, shipbroke ...
Thursday, 04 August 16
INDONESIAN COAL PRICES ARE STARTING TO ZOOM HIGHER; HBA ROSE 10.13% TO US$ 58.37 PER TON
COALspot.com: The Indonesia coal benchmark price hits to its highest level since August 2015.
The Director General of Mineral and Coa ...
Thursday, 04 August 16
BREXIT: IMPLICATIONS FOR GLOBAL SHIPPING AND SEA TRADE - EVERSHEDS
The buzzword for the post-Brexit landscape both in Europe and further afield is ‘uncertainty’. No-one really knows the long term effect ...
Wednesday, 03 August 16
RECAAP INFORMATION SHARING CENTRE ISSUES SPECIAL REPORT ON THE ABDUCTING OF CREW FROM SHIPS IN WATERS OFF EASTERN SABAH AND SOUTHERN PHILIPPINES - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
In the light of three incidents where the crew of tug boats were abducted in the waters off Eastern Sabah and Southern Ph ...
Wednesday, 03 August 16
SHIPPING MARKET INSIGHT - EVA TZIMA
The Good…
Demand. Amidst all the unprecedented geopolitical turmoil and shifts in the likes of Brexit, the IMF lowered last month its glob ...
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- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Pendopo Energi Batubara - Indonesia
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- CIMB Investment Bank - Malaysia
- Mjunction Services Limited - India
- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- Singapore Mercantile Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- Parliament of New Zealand
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- Rashtriya Ispat Nigam Limited - India
- The University of Queensland
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Sindya Power Generating Company Private Ltd
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Tamil Nadu electricity Board
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- Planning Commission, India
- Thiess Contractors Indonesia
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- Vedanta Resources Plc - India
- Posco Energy - South Korea
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- TNB Fuel Sdn Bhd - Malaysia
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Iligan Light & Power Inc, Philippines
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- Coalindo Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- Sarangani Energy Corporation, Philippines
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Baramulti Group, Indonesia
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- Toyota Tsusho Corporation, Japan
- ASAPP Information Group - India
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- PTC India Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- Minerals Council of Australia
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- GMR Energy Limited - India
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- White Energy Company Limited
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- Timah Investasi Mineral - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
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