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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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Wednesday, 03 August 16
SHIP TRADING AND ORDERING CLOSE TO A STALEMATE AS SUMMER LULL KICKS IN
With newbuilding activity already at a near standstill since the start of the year, most of 2016’s trading activity in shipping was evident i ...
Tuesday, 02 August 16
INDONESIAN CS COAL INDICES STAY POSITIVE
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 0.71% week over week to averaging $41.12 per ton this past week, shows CS (i) C ...
Monday, 01 August 16
4200 GAR INDONESIAN COAL PRICE MAY TOUCH $ 32/33 A TON LEVELS SOON
COALspot.com: Indonesian coal prices are likely surge further in 2016 as the recent price movement in Indonesian coal markets suggests that the mar ...
Monday, 01 August 16
BALTIC INDEX ENDED NEGATIVE NOTE THIS PAST WEEK ON WEAKER RATES ACROSS ALL LARGE VESSEL SEGMENTS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities slide slightly as Cape, Panamax and Supramax segments end ...
Friday, 29 July 16
U.S. COAL OUTPUT SLIPS SLIGHTLY WEEK OVER WEEK
COALspot.com – U.S., the world’s second largest coal producers has produced approximately totalled an estimated 15 million short tons ( ...
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- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- Planning Commission, India
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- Indian Energy Exchange, India
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhushan Steel Limited - India
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
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- Baramulti Group, Indonesia
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- Thiess Contractors Indonesia
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- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
- Parliament of New Zealand
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
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- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Orica Australia Pty. Ltd.
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- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- GMR Energy Limited - India
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- Central Java Power - Indonesia
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- VISA Power Limited - India
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- Bangladesh Power Developement Board
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Directorate Of Revenue Intelligence - India
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- GAC Shipping (India) Pvt Ltd
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- Georgia Ports Authority, United States
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- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
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- Anglo American - United Kingdom
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- Therma Luzon, Inc, Philippines
- Madhucon Powers Ltd - India
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- Directorate General of MIneral and Coal - Indonesia
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- PTC India Limited - India
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- Binh Thuan Hamico - Vietnam
- Gujarat Sidhee Cement - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- Oldendorff Carriers - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Sojitz Corporation - Japan
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- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- The University of Queensland
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- Straits Asia Resources Limited - Singapore
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
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