We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Wednesday, 11 April 18
CHINA UTILITIES PLAN NEW COAL IMPORT PRICE INDEX TO CURB VOLATILITY - REUTERS
China’s major utilities are preparing to launch their own coal price index for imports, an official at China Huaneng Group said, in a move th ...
Wednesday, 11 April 18
US-CHINA TARIFF THREATS RAISE GLOBAL TRADE RISKS - FITCH
Escalating tariff proposals by the U.S. and Chinese governments are increasing the risks of a full-blown trade war, says Fitch Ratings. The most li ...
Tuesday, 10 April 18
BUMA GRANTED ADDITIONAL LOAN FACILITY FROM BTMU TO SUPPORT GROWTH
Press Release: PT Delta Dunia Makmur Tbk. is pleased to announce that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA"), signed an a ...
Monday, 09 April 18
APRIL INDONESIAN COAL PRICE REFERENCE DROPS TO LOWEST IN 2018
COALspot.com: According to latest ministerial decree, the Indonesian Coal Price Reference (HBA) decline 6.98 per cent in April 2018 compared to Mar ...
Friday, 06 April 18
TOP MINER BHP QUITS WORLD COAL ASSOCIATION OVER CLIMATE CLASH - BLOOMBERG
BHP Billiton Ltd. has severed ties with the World Coal Association over a clash of views on how to combat climate change, with the mining giant say ...
|
|
|
Showing 1746 to 1750 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- New Zealand Coal & Carbon
- Energy Development Corp, Philippines
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- Port Waratah Coal Services - Australia
- OPG Power Generation Pvt Ltd - India
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- Riau Bara Harum - Indonesia
- Kumho Petrochemical, South Korea
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Attock Cement Pakistan Limited
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Marubeni Corporation - India
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- Eastern Energy - Thailand
- Sojitz Corporation - Japan
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Parliament of New Zealand
- Sical Logistics Limited - India
- Standard Chartered Bank - UAE
- Karbindo Abesyapradhi - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- Global Coal Blending Company Limited - Australia
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- Orica Australia Pty. Ltd.
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- Merrill Lynch Commodities Europe
- Dalmia Cement Bharat India
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- Intertek Mineral Services - Indonesia
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- Trasteel International SA, Italy
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- Coal and Oil Company - UAE
- The University of Queensland
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- White Energy Company Limited
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- Indian Energy Exchange, India
- Banpu Public Company Limited - Thailand
- Edison Trading Spa - Italy
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- Bhoruka Overseas - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- Australian Coal Association
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Posco Energy - South Korea
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- Goldman Sachs - Singapore
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- Salva Resources Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Heidelberg Cement - Germany
|
| |
| |
|
