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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, 04 July 16
BDI ROSE ON STRONGER DEMAND ACROSS ALL VESSEL SEGMENTS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this past week. The BDI was up 11.16 percent from la ...
Friday, 01 July 16
BREXIT SET TO HURT SHIPPING IN THE LONG-TERM AS IT WILL TAKE ITS TOLL IN THE GLOBAL ECONOMY'S GROWTH - HELLENIC SHIPPING
Setting aside the short-term negative impact of the Brexit, in terms of stock market and currency volatility, it’s more than evident that the ...
Friday, 01 July 16
U.S'S COAL EXPORTS HAVE DECLINED FOR TWELVE QUARTERS IN A ROW - EIA
COALspot.com – U.S, world’s one of the largest coal producers has produced approximately totalled an estimated 13.7 million short t ...
Thursday, 30 June 16
CAPE - THIS WEEK'S FREIGHT AND ACTIVITY LEVEL HAVE KEPT STABLE - FEARNLEYS
Cape
This week’s freight and activity level have kept stable. It is support at the present levels and despite a volatile market the freight ...
Wednesday, 29 June 16
THE DRY BULK INDICES, OPPOSITE TO MOST GLOBAL MARKET INDICES, ROSE END OF LAST WEEK
Last week closed off with a massive shockwave for markets across the world following the British referendum, the result of which will mark the begi ...
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- Karbindo Abesyapradhi - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Energy Link Ltd, New Zealand
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- CNBM International Corporation - China
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Singapore Mercantile Exchange
- Sical Logistics Limited - India
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
- Bayan Resources Tbk. - Indonesia
- Uttam Galva Steels Limited - India
- Simpson Spence & Young - Indonesia
- Thai Mozambique Logistica
- Altura Mining Limited, Indonesia
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- Orica Mining Services - Indonesia
- Minerals Council of Australia
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- Billiton Holdings Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Alfred C Toepfer International GmbH - Germany
- Anglo American - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ind-Barath Power Infra Limited - India
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- GVK Power & Infra Limited - India
- Malabar Cements Ltd - India
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Australian Coal Association
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Bulk Trading Sa - Switzerland
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- VISA Power Limited - India
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- The University of Queensland
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Chamber of Mines of South Africa
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- Kalimantan Lumbung Energi - Indonesia
- London Commodity Brokers - England
- Coastal Gujarat Power Limited - India
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- Bahari Cakrawala Sebuku - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Georgia Ports Authority, United States
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- OPG Power Generation Pvt Ltd - India
- Agrawal Coal Company - India
- Salva Resources Pvt Ltd - India
- Vedanta Resources Plc - India
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
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