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Wednesday, 25 April 18
TANKER MARKET INSIGHT - THEODOROS NTALAKOS
 We had the opportunity to be part of Intertanko's Hellenic Mediterranean Panel last week in the SNFCC and to present an outlook on the tanker fleet development and future outlook. So in this column, we will just outline a few points delivered during the presentation.
On the crude sector, a very anemic supply growth in 2014 helped the market enjoy a very good year in 2015 as the demand for crude carriers surpassed the fleet growth. Consequentially, the improved market led to renewed appetite for new buildings and the orders peaked in 2015. The ships ordered then were for delivery in 2016-2018, so, as demolition bottomed in 2015 and 2016, during those years the fleet grew at levels of five to six percent. Such increased tanker supply has not been matched by the respective demand, so the earnings have remained suppressed. Nevertheless, demolition – supported also by upcoming regulations, is peaking to unprecedented levels at least since 2012 leading to marginal fleet growth despite deliveries. Furthermore, and whilst the average age of the tankers being sold for scrap is around 19years old and only one percent of the crude fleet is over 20years old, eleven percent of the current fleet will be over 20years old by 2020 meaning there are still good grounds for demolition to continue.
The product market looks even more promising. The current orderbook is marginally at ten percent of the fleet and the average age of ships being scrapped is around 22 years. Furthermore, six percent of the product tanker fleet is still over 20 years old and by 2020 ten percent of the fleet will be over 20 years old. The fleet grew sharply in 2013 and 2015 but for the last three years the growth is subdued. In a very plausible scenario for 2018, demand growth is expected to surpass supply growth for the first time since 2015.
What is interesting is that the correlation between earnings and contracting turned negative in 2017. Few but wise and counter-cyclical investors find the stomach to order tanker new buildings when the market is deteriorating. One reason is the attractive prices in all tanker sub-segments; VLCCs at or below $80m, Aframax tankers hovering just over 40 million and MR Tankers in the very low 30s were well below their historical average making them very attractive. The lack of orders during 2016 led the shipbuilders to reduce their pricing and the poor market helped the buyers squeeze them further to the lowest possible contract prices. Pricing, combined with compliance to the upcoming regulations made the new buildings more attractive solutions for a shipowner who wanted to renew or expand his fleet.
Is a shipowner prepared to pay more for a tanker today than six months ago? Definitely NO for an older vessel and marginally YES for a modern ship. Should one be worried about today's tanker orderbook? Yes one should, but one should also keep the fact that the tonnage that can possibly exit the market the next few years is very close to today's orderbook. Have a good one.
lack of activity in the region. Moreover China’s recently imposed 25% tariff on US soybean imports could generate a growth in demand for regional palm oil, as CPO can be used as an alternative in certain circumstances.
By Theodoros Ntalakos
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Tuesday, 05 June 18
SOUTH KOREA'S SULPHUR CAP ALTERS ASIAN COAL MARKET DYNAMICS: RUSSELL
South Korea’s imposition of a strict sulphur cap on its imported coal is likely to cause ripples across Asia’s markets for the pollutin ...
Tuesday, 05 June 18
THINGS STILL LOOK TO BE PROMISING FOR THE DRY BULK MARKET OVER THE NEXT COUPLE OF MONTHS - GEORGE LAZARIDIS
Just as we thought the world was calming back down to reason, worries and frictions regarding global trade resurfaced this past week after a series ...
Tuesday, 05 June 18
INDONESIAN COAL PRICE REFERENCE IS GOING UP AGAIN
COALspot.com: According to latest ministerial decree No. 1857 K/30/MEM/2018 dated 4 June 2018, the Indonesian Coal Price Reference (HBA) up 7.91 pe ...
Saturday, 02 June 18
HOW CARBON UTILISATION WILL BE A KEY STEP IN INDIA'S CLIMATE STRATEGY - BENJAMIN SPORTON
For India, energy remains the key driver of growth, not only from an economic perspective but more importantly for accelerating social development. ...
Thursday, 31 May 18
SUPRAMAX: INDO/CHINA COAL RV IS GETTING FIXED AROUND $13K DELIVERY SINGAPORE - FEARNLEYS
Capesize
The Cape market has been on a downward trend for the past week.
According to Fearnleys, Oslo based broker, Brazil market ...
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Showing 1706 to 1710 news of total 6871 |
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- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- VISA Power Limited - India
- Wilmar Investment Holdings
- Malabar Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- PTC India Limited - India
- Chamber of Mines of South Africa
- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- Jaiprakash Power Ventures ltd
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Mercator Lines Limited - India
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- The University of Queensland
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- Edison Trading Spa - Italy
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Latin American Coal - Colombia
- Commonwealth Bank - Australia
- Meenaskhi Energy Private Limited - India
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- Indian Energy Exchange, India
- Metalloyd Limited - United Kingdom
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Grasim Industreis Ltd - India
- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- Antam Resourcindo - Indonesia
- Bharathi Cement Corporation - India
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- GAC Shipping (India) Pvt Ltd
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- Planning Commission, India
- Petron Corporation, Philippines
- Energy Development Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Vizag Seaport Private Limited - India
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- Bhushan Steel Limited - India
- Xindia Steels Limited - India
- Gujarat Sidhee Cement - India
- Deloitte Consulting - India
- SN Aboitiz Power Inc, Philippines
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Renaissance Capital - South Africa
- Posco Energy - South Korea
- India Bulls Power Limited - India
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
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