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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, 15 March 18
BHEL COMMISSIONS 600 MW THERMAL POWER PLANT FOR APGENCO IN ANDHRA PRADESH
Bharat Heavy Electricals Limited (BHEL) has successfully commissioned a 600 MW coal-based thermal power plant in the state of Andhra Pradesh.
...
Thursday, 15 March 18
SUEK GROUP SECURES $1.055BN 5-YEAR SYNDICATED PRE-EXPORT FINANCE FACILITY
SUEK Group signed a $1.055bn syndicated pre-export loan agreement. The facility with five years duration is secured against the Group’s expor ...
Wednesday, 14 March 18
COAL PRICES UP SAYS MINERALS COUNCIL - IAN KIRKWOOD,THE HERALD
NSW thermal coal exports were at near-record levels last year but prices were up, the Minerals Council of NSW has said after appraising annual stat ...
Wednesday, 14 March 18
NEW COAL PRICE FORMULA DOESN'T APPLY RETROACTIVELY: OFFICIAL - THE JAKARTA GLOBE
The Energy and Mineral Resources Ministry has decided to change the implementation period of the new discounted price formula for coal sold to the ...
Wednesday, 14 March 18
SHIPPING MARKET INSIGHT - VASILIS MOIRIS
Interest in second hand tonnage remains firm with buyers in the dry bulk sector looking to benefit from rising freight rates that are eventually ex ...
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Showing 1771 to 1775 news of total 6871 |
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- Vijayanagar Sugar Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Therma Luzon, Inc, Philippines
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Tata Chemicals Ltd - India
- Vedanta Resources Plc - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- SMG Consultants - Indonesia
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- Kapuas Tunggal Persada - Indonesia
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Baramulti Group, Indonesia
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Tamil Nadu electricity Board
- Siam City Cement PLC, Thailand
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- GMR Energy Limited - India
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- Aditya Birla Group - India
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- Australian Coal Association
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- Eastern Energy - Thailand
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- White Energy Company Limited
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- Bhatia International Limited - India
- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Metalloyd Limited - United Kingdom
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- Bukit Makmur.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- PTC India Limited - India
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- Mjunction Services Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- Price Waterhouse Coopers - Russia
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- Indogreen Group - Indonesia
- Videocon Industries ltd - India
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- Chamber of Mines of South Africa
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Trasteel International SA, Italy
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- Gujarat Sidhee Cement - India
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Karbindo Abesyapradhi - Indoneisa
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