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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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Wednesday, 30 May 18
HIGH PRICE, DMO ENCOURAGE COAL MINERS TO BOOST PRODUCTION - THE JAKARTA POST
A number of coal miners are planning to increase production by 10 percent in the second half of this year after a worldwide price increase.
Th ...
Wednesday, 30 May 18
SHIPPING MARKET INSIGHT - ILIAS M. LALAOUNIS
Among several hot topics that will be discussed during the Posidonia week, the International Maritime Organization regulation that will be enforced ...
Tuesday, 29 May 18
BLOCKCHAIN CAN HAVE A TRANSFORMATIVE EFFECT ON THE SHIPPING INDUSTRY
KNOWLEDGE TO ELEVATE
Following the launch of a legal briefing on blockchain contracts from UK P&I Club, Claims Executive, Filip Koscieleck ...
Tuesday, 29 May 18
INDIA'S COAL IMPORT DECLINES IN APRIL AMID DIVERSION TO THERMAL POWER PLANTS - PTI
India’s coal import fell by 9 percent to 17.32 million tonnes (MT) in April on the back of ample supply of dry fuel from domestic sources.
...
Monday, 28 May 18
COAL SUPPLY DIVERSION IRKS INDUSTRIES DEPENDENT ON CAPTIVE POWER PLANTS - HINDU BUSINESS LINE
The government’s move to prioritise coal supplies to power plants with minimal coal stock has disrupted fuel supply to some sectors, which ha ...
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Showing 1711 to 1715 news of total 6871 |
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- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- Orica Australia Pty. Ltd.
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- Riau Bara Harum - Indonesia
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- Medco Energi Mining Internasional
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- Thai Mozambique Logistica
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- Borneo Indobara - Indonesia
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- Grasim Industreis Ltd - India
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- Parliament of New Zealand
- Deloitte Consulting - India
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- Cigading International Bulk Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- Wilmar Investment Holdings
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Jaiprakash Power Ventures ltd
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Parry Sugars Refinery, India
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- The University of Queensland
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- ASAPP Information Group - India
- McConnell Dowell - Australia
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Kobexindo Tractors - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
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