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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, 01 May 18
SUPRAMAX: COAL RUNS, A 61,000-DWT WAS FIXED BASIS DELIVERY SURABAYA, FOR A TRIP VIA INDONESIA, RE-DELIVERY INDIA AT $15,000 - BALTIC BRIEFING
Capesize
Rates eased in the East, as the week closed out with the momentum slowing. Levels on the key West Australia/China run dropped to $7.25 ...
Tuesday, 01 May 18
GLOBAL MINER PEABODY EYES SALES OPPORTUNITY IN INDIA’S RISING COAL IMPORTS - BUSINESS STANDARD
Indian imports of coal will continue to rise, reckons the world’s largest private sector coal miner Peabody Energy. Glenn Kellow, president a ...
Saturday, 28 April 18
STRONG ASIAN DEMAND CONTINUES TO HOLD UP THERMAL COAL MARKETS - REUTERS
Asian thermal coal demand is defying its typical seasonal slowdown as well as the expanding use of renewables and natural gas, with prices holding ...
Friday, 27 April 18
PEABODY ENERGY'S REVENUES FOR THE FIRST QUARTER ROSE 10 PERCENT OVER THE PRIOR YEAR TO $1.46 BILLION
Peabody Energy's revenues for the first quarter rose 10 percent over the prior year to $1.46 billion driven by improved seaborne coal pricing a ...
Thursday, 26 April 18
BALTIC EXCHANGE LAUNCHES ESCROW SERVICE FOR VESSEL SALES
The Baltic Exchange will be launching an Escrow Service for its members to hold deposits for ship sale transactions. The move will allow Baltic Exc ...
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Showing 1731 to 1735 news of total 6871 |
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- Iligan Light & Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Uttam Galva Steels Limited - India
- Eastern Energy - Thailand
- Essar Steel Hazira Ltd - India
- Videocon Industries ltd - India
- Sakthi Sugars Limited - India
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Star Paper Mills Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- Planning Commission, India
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Lanco Infratech Ltd - India
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- OPG Power Generation Pvt Ltd - India
- GMR Energy Limited - India
- Mercator Lines Limited - India
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Jindal Steel & Power Ltd - India
- Chamber of Mines of South Africa
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- Metalloyd Limited - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Pipit Mutiara Jaya. PT, Indonesia
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Sical Logistics Limited - India
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Independent Power Producers Association of India
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- MS Steel International - UAE
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- PTC India Limited - India
- India Bulls Power Limited - India
- Parliament of New Zealand
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
- LBH Netherlands Bv - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- ICICI Bank Limited - India
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- Bhushan Steel Limited - India
- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- McConnell Dowell - Australia
- Eastern Coal Council - USA
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- GVK Power & Infra Limited - India
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Oldendorff Carriers - Singapore
- Thai Mozambique Logistica
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
- Singapore Mercantile Exchange
- Minerals Council of Australia
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- Australian Coal Association
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Mintek Dendrill Indonesia
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