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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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Thursday, 14 July 16
SHIPPING'S HALF YEAR REPORT - 'MUST DO BETTER' - CLARKSONS
It’s the time of year, with the school holidays and end of term approaching, that many pupils will nervously take home their school reports t ...
Wednesday, 13 July 16
EIA FORECASTS U.S. COAL EXPORTS TO DECLINE BY 15 MMST IN 2016 AND BY 4 MMST IN 2017
COALspot.com: U.S. coal production in June was 57 million short tons (MMst), a 6 MMst (13%) increase from May and 9 MMst (14%) lower than in June 2 ...
Wednesday, 13 July 16
2015 VS. 2016; THE DRY BULK DEMOLITION DERBY - JOHN N. COTZIAS
In the first half of the year 373 Bulkers and General Cargo ships were scrapped representing 23.8mil tons of dwt carrying capacity.
Comparing ...
Tuesday, 12 July 16
DUE TO LONG HOLIDAYS, CS COAL INDICES HELD AT THE SAME LEVEL OF THE PREVIOUS WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin was flat week over week to averaging $39.98 per ton this past week.
Due to the ...
Monday, 11 July 16
COAL MARKETS SAW IMPROVED PRICES IN H1 2016 - SGX'S COMMODITIES MID-YEAR REFLECTION
COALspot.com: Coal
Coal markets saw improved prices in H1 2016 with the benchmark coking coal and thermal coal spot prices rising 18% and 25%, re ...
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- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Metalloyd Limited - United Kingdom
- Indonesian Coal Mining Association
- Larsen & Toubro Limited - India
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement PLC, Thailand
- European Bulk Services B.V. - Netherlands
- TeaM Sual Corporation - Philippines
- The Treasury - Australian Government
- ICICI Bank Limited - India
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Economic Council, Georgia
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- MS Steel International - UAE
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- Cement Manufacturers Association - India
- Indo Tambangraya Megah - Indonesia
- Borneo Indobara - Indonesia
- IHS Mccloskey Coal Group - USA
- Bayan Resources Tbk. - Indonesia
- Madhucon Powers Ltd - India
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
- The University of Queensland
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Oldendorff Carriers - Singapore
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- Mercator Lines Limited - India
- CIMB Investment Bank - Malaysia
- Rio Tinto Coal - Australia
- Essar Steel Hazira Ltd - India
- Orica Australia Pty. Ltd.
- Mjunction Services Limited - India
- Global Green Power PLC Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Sakthi Sugars Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Coal Council - USA
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- Indian Energy Exchange, India
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Medco Energi Mining Internasional
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- South Luzon Thermal Energy Corporation
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- White Energy Company Limited
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- Goldman Sachs - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Ministry of Finance - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aditya Birla Group - India
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- Thiess Contractors Indonesia
- London Commodity Brokers - England
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- Vedanta Resources Plc - India
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Australian Coal Association
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- Sarangani Energy Corporation, Philippines
- Ind-Barath Power Infra Limited - India
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