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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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Thursday, 26 April 18
COAL PRICES ARE EXPECTED TO AVERAGE $85/MT IN 2018, DOWN SLIGHTLY FROM 2017 - WORLD BANK
Coal prices rose 4 percent in the first quarter (q/q), following a surge of 34 percent in 2017, mainly due to strong consumption in China spurred b ...
Tuesday, 24 April 18
IMPORTING INDONESIAN COAL MAKES SENSE FOR INDIAN COASTAL PLANTS EVEN WHEN IT IS COSTLIER THAN INDIAN - ECONOMIC TIMES
Rising Indonesian coal production and lower Chinese demand have pulled down Indonesian coal prices by 22% over the last 45 days, a trend that augur ...
Tuesday, 24 April 18
IMO AIMS TO HALVE GLOBAL SHIPPING EMISSIONS - BUT WHAT WILL IT COST? - WOOD MACKENZIE
Global bunker fuel costs could rise by up to US$60 billion annually from 2020, in a full compliance scenario, when the International Maritim ...
Tuesday, 24 April 18
TWO 56K-DWT OPEN HONG KONG AND SINGAPORE WERE FIXED FOR INDONESIA COAL TRIPS TO CHINA, AT $9,500 AND $11,000 RESPECTIVELY - BALTIC BRIEFING
Capesize
This week has seen the Cape 5 timecharter weighted average almost double. Similarly, the Brazil to China ore rates climbed over $4.50, f ...
Wednesday, 18 April 18
SHIPPING MARKET INSIGHT - STELIOS KOLLINTZAS
The return of traders and charterers from the Easter festivities came along with a slight increase in activity across the edible oil markets. Howev ...
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Showing 1736 to 1740 news of total 6871 |
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- London Commodity Brokers - England
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- Maheswari Brothers Coal Limited - India
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- Energy Development Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Wilmar Investment Holdings
- Larsen & Toubro Limited - India
- India Bulls Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- Ceylon Electricity Board - Sri Lanka
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Planning Commission, India
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- The University of Queensland
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Kalimantan Lumbung Energi - Indonesia
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- Indika Energy - Indonesia
- Ministry of Mines - Canada
- CNBM International Corporation - China
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- Asmin Koalindo Tuhup - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- Bhoruka Overseas - Indonesia
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- Economic Council, Georgia
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- Port Waratah Coal Services - Australia
- Independent Power Producers Association of India
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Coal and Oil Company - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- Heidelberg Cement - Germany
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- Mjunction Services Limited - India
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- PowerSource Philippines DevCo
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