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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, 06 July 16
KOMIPO INVITES BIDS FOR 780000 MT OF BITUMINOUS COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 780,000 Metric Tons of Bituminous Coal for its B ...
Wednesday, 06 July 16
MARKET INSIGHT - VASSILIS VASSILIOU
After a fairly silent first half of the year in the ship repair sector, we have finally a harmonized workload in the shipyards around the world. Ma ...
Tuesday, 05 July 16
DRY BULK SHIPPING'S RECOVERY NOT SEEN UNTIL 2018 - SGX
SGX freight derivative volumes totaled 36,542 contracts in June (-28% m/m; +52% y/y), while open interest averaged 121,189 contracts during the mon ...
Tuesday, 05 July 16
SPOT COAL INDEXES FOR INDONESIAN COAL CONTINUE TO HOLD FIRM - CS COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up by 0.83 percent week over week to averaging $39.98 per ton this past week, sh ...
Monday, 04 July 16
INDONESIA COAL PRICE REFERENCE CLIMBED 2.30% IN JULY
COALspot.com: The Indonesia Coal Benchmark Price increased in July 2016.
The Director General of Mineral and Coal of Indonesia, the r ...
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- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- Parliament of New Zealand
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- Indogreen Group - Indonesia
- Videocon Industries ltd - India
- Straits Asia Resources Limited - Singapore
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- SMC Global Power, Philippines
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- New Zealand Coal & Carbon
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- Ministry of Mines - Canada
- Aditya Birla Group - India
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- White Energy Company Limited
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Salva Resources Pvt Ltd - India
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- Minerals Council of Australia
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- Maharashtra Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- Gujarat Sidhee Cement - India
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- Wilmar Investment Holdings
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- VISA Power Limited - India
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- Sindya Power Generating Company Private Ltd
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- Bangladesh Power Developement Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Kideco Jaya Agung - Indonesia
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Medco Energi Mining Internasional
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- Parry Sugars Refinery, India
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- The University of Queensland
- Ministry of Finance - Indonesia
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Xindia Steels Limited - India
- Goldman Sachs - Singapore
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- Bukit Asam (Persero) Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Directorate Of Revenue Intelligence - India
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Economic Council, Georgia
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- PowerSource Philippines DevCo
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- South Luzon Thermal Energy Corporation
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Metalloyd Limited - United Kingdom
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
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