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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, 19 May 16
AUSTRALIAN IRON ORE CARGOES PUSHED UP THE FREIGHT RATES FOR CAPE THIS WEEK - FEARNLEYS
Cape
It has been a big jump in the freight rates for Cape size this week, says Fearnleys in its latest weekly report. All of the Australian iron ...
Thursday, 19 May 16
DISPUTE OVER VAT ON COAL DRAGS ON, CAUSING DOUBLE-BLOW TO MINERS - JP
The dispute over the value-added tax ( VAT ) mechanism between coal miners operating under third-generation contracts and the Finance Ministry&rsqu ...
Wednesday, 18 May 16
DRY BULK OUTLOOK REMAINS GLOOMY SAYS DANISH SHIP FINANCE, AS SHIPPING NEEDS TO RETHINK BUSINESS MODEL - HELLENIC SHIPPING
Our Shipping Market Review – May 2016 is devoted to the fourth industrial revolution. To understand the truly disruptive nature of the fourth ...
Wednesday, 18 May 16
LONG TERM FUNDAMENTALS ARE SLOWLY IMPROVING FOR THE DRY BULK MARKET - INTERMODAL
As we are approaching the end of the first half of the year, there is a number of market participants over at the dry bulk sector that have started ...
Tuesday, 17 May 16
INDONESIAN COAL PRICE REFERENCE DECLINE AGAIN
COALspot.com: The Indonesia Coal Benchmark Price declined in May 2016.
The Director General of Mineral and Coal of Indonesia, the regulator of ...
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Showing 2426 to 2430 news of total 6871 |
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- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- Neyveli Lignite Corporation Ltd, - India
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- Gujarat Sidhee Cement - India
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- Xindia Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Finance - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Siam City Cement - Thailand
- Timah Investasi Mineral - Indoneisa
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Central Java Power - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Mercator Lines Limited - India
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- Bhushan Steel Limited - India
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- Vizag Seaport Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kapuas Tunggal Persada - Indonesia
- Tamil Nadu electricity Board
- GVK Power & Infra Limited - India
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- Metalloyd Limited - United Kingdom
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Kalimantan Lumbung Energi - Indonesia
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- The Treasury - Australian Government
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- Marubeni Corporation - India
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- SN Aboitiz Power Inc, Philippines
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- ICICI Bank Limited - India
- Banpu Public Company Limited - Thailand
- London Commodity Brokers - England
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- Coal and Oil Company - UAE
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