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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, 27 June 16
INDONESIA BANS (AGAIN) SHIPS SAILING TO THE PHILIPPINES FROM INDONESIA
COALspot.com: The Indonesian Transport Ministry strictly prohibited harbour masters issuing permits to all Indonesian-flagged vessels bound for the ...
Friday, 24 June 16
U.S WEEKLY COAL PRODUCTION UP MARGINALLY
COALspot.com – U.S, world’s one of the largest coal producers has produced approximately totalled an estimated 13.4 million short tons ...
Wednesday, 22 June 16
SMALL RISE IN SHIPPING CONFIDENCE - MOORE STEPHENS
In May 2016, the average confidence level expressed by respondents in the markets in which they operate was 5.1 on a scale of 1 (low) to 10 (high). ...
Wednesday, 22 June 16
SHIPPING MARKET INSIGHT - NASSOS SOULAKIS
Stagnation- With the BDI stuck in the low 600 points for almost a month now, if we had to choose a word to describe the state of the Dry Bulk freig ...
Monday, 20 June 16
CS COAL INDICES CONTINUE UPWARD TREND SINCE END APRIL
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up again by 0.05 percent week over week to averaging $39.39 per ton this past we ...
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Showing 2386 to 2390 news of total 6871 |
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- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- Indo Tambangraya Megah - Indonesia
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- London Commodity Brokers - England
- Asmin Koalindo Tuhup - Indonesia
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- Parliament of New Zealand
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- Riau Bara Harum - Indonesia
- Anglo American - United Kingdom
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- GAC Shipping (India) Pvt Ltd
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Petron Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- Planning Commission, India
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Global Business Power Corporation, Philippines
- Minerals Council of Australia
- Sical Logistics Limited - India
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- Edison Trading Spa - Italy
- India Bulls Power Limited - India
- The University of Queensland
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Miang Besar Coal Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Trasteel International SA, Italy
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- Krishnapatnam Port Company Ltd. - India
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Chamber of Mines of South Africa
- Romanian Commodities Exchange
- Bayan Resources Tbk. - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- MS Steel International - UAE
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- Kartika Selabumi Mining - Indonesia
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