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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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Friday, 10 June 16
INDONESIAN 6322 GAR COAL PRICE REFERENCE RISES TO $51.81 A TON
COALspot.com: The Indonesia Coal Benchmark Price increased in June 2016.
The Director General of Mineral and Coal of Indonesia, the regulator ...
Friday, 10 June 16
WEEKLY U.S. COAL PRODUCTION TOTALED AN ESTIMATED 12 MMST IN THE WEEK ENDED JUNE 4, UP 4% W/W - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 12 million short tons (mmst ...
Wednesday, 08 June 16
BPI ACHIEVES FINANCIAL CLOSE FOR ITS 2000 MW POWER PROJECT IN CENTRAL JAVA
COALspot.com: PT Bhimasena Power Indonesia (BPI) on June 6th, 2016 Achieves financial close for its 2x1,000 MW power project in Batang Regency, Cen ...
Wednesday, 08 June 16
U.S COAL IMPORTS ARE PROJECTED TO BE 12 MMST IN 2016 AND 11 MMST IN 2017 - EIA
Coal Supply
U.S. coal production in May was 50 million short tons (MMst), a 4 MMst (10%) increase from the previous month but 19 MMst (28%) lower ...
Wednesday, 08 June 16
THE DRY BULK MARKET KEPT MOVING SIDEWAYS LAST WEEK; SECOND HAND PURCHASES MOVING NORTH - INTERMODAL
Once again its Posidonia time and the biannual exhibition takes place during a very warm June here in Athens, as if the performance of the dry bulk ...
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- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- Malabar Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Mintek Dendrill Indonesia
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- Indo Tambangraya Megah - Indonesia
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Trasteel International SA, Italy
- San Jose City I Power Corp, Philippines
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- Thiess Contractors Indonesia
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- The Treasury - Australian Government
- Planning Commission, India
- Borneo Indobara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Energy Development Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- Ceylon Electricity Board - Sri Lanka
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- Makarim & Taira - Indonesia
- Barasentosa Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- Coastal Gujarat Power Limited - India
- McConnell Dowell - Australia
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Petron Corporation, Philippines
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- GMR Energy Limited - India
- Singapore Mercantile Exchange
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- Economic Council, Georgia
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Antam Resourcindo - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Ambuja Cements Ltd - India
- VISA Power Limited - India
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- PTC India Limited - India
- Medco Energi Mining Internasional
- Independent Power Producers Association of India
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Essar Steel Hazira Ltd - India
- Binh Thuan Hamico - Vietnam
- Salva Resources Pvt Ltd - India
- Videocon Industries ltd - India
- Australian Coal Association
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- Romanian Commodities Exchange
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