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.
|
|
Tuesday, 20 March 18
TRAFIGURA GROUP PTE LTD SIGNS RECORD US$5.725 BILLION EUROPEAN MULTICURRENCY SYNDICATED REVOLVING CREDIT FACILITIES AND JPY72.64 BILLION DENOMINATED THREE YEAR TERM LOAN
Press Release: Trafigura Group Pte Ltd. (“Trafigura” or the “Company”), a market leader in the global commodities industry, ...
Monday, 19 March 18
PANAMAX: DESPITE FEWER REPORTED PERIOD TRADES THIS WEEK, RATE LEVELS HAVE REMAINED SOLID - BALTIC BRIEFING
Capesize
There were finally reports of increased Brazil activity, but still largely unconfirmed. Vale reportedly took six ships Thursday for 5 Ap ...
Friday, 16 March 18
WEEKLY US COAL PRODUCTION DROPS 1.9 PER CENT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.8 million short tons ...
Friday, 16 March 18
INDONESIA COAL PRICE CAP POSES LIMITED RISKS TO PRODUCERS : FITCH
Indonesia’s cap on the benchmark price of coal sold to the domestic electricity sector is unlikely to have a significant impact on the credit ...
Thursday, 15 March 18
SUPRAMAX: INDO TO CHINA COAL ROUNDS ARE PAYING IN THE LOW $13K TO S. CHINA AND HIGH $13K TO NORTH IN CHINA
Supramax
More activity from USG , front hauls to Far East have settled around $25000, and to Cont around $20000. Stable gain again in Black Sea w ...
|
|
|
Showing 1766 to 1770 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- Commonwealth Bank - Australia
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- Meenaskhi Energy Private Limited - India
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- Ind-Barath Power Infra Limited - India
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
- Bulk Trading Sa - Switzerland
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- Economic Council, Georgia
- Madhucon Powers Ltd - India
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- White Energy Company Limited
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- Eastern Energy - Thailand
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- Vizag Seaport Private Limited - India
- Price Waterhouse Coopers - Russia
- Billiton Holdings Pty Ltd - Australia
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Heidelberg Cement - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Xindia Steels Limited - India
- Interocean Group of Companies - India
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- Aditya Birla Group - India
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- Kideco Jaya Agung - Indonesia
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Siam City Cement - Thailand
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Posco Energy - South Korea
- Minerals Council of Australia
- TNB Fuel Sdn Bhd - Malaysia
- Coastal Gujarat Power Limited - India
- Formosa Plastics Group - Taiwan
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Sakthi Sugars Limited - India
- SN Aboitiz Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Indo Tambangraya Megah - Indonesia
- International Coal Ventures Pvt Ltd - India
|
| |
| |
|
