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.
|
|
Friday, 02 March 18
MORE COAL INQUIRES FROM SOUTH AFRICA TO INDIA; SUPRAS FIXED CA $12K + BB - FEARNLEYS
Supramax
Better rates in Atlantic, but not too busy market just yet.
Black Sea catched improving rates for grain cargoes, where supras to Eg ...
Friday, 02 March 18
U.S. WEEKLY COAL PRODUCTION DOWN 2.7 PER CENT W/E 24 FEB, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.2 million short tons ...
Wednesday, 28 February 18
INDIA: TEPID COAL TRAFFIC TO HIT VOLUME GROWTH AT PORTS TILL 2022 - PTI
Cargo growth at the country’s major ports is all set to moderate to 3-5 per cent per annum over the next five years due to the “sedate ...
Wednesday, 28 February 18
MARKET INSIGHT - LINOS KOGEVINAS
US Shale production continues to grow rapidly, hitting new records and with projections being revised upwardly at every turn. According to the Inte ...
Tuesday, 27 February 18
SHELL SEES POTENTIAL LNG SUPPLY SHORTAGE AS GLOBAL DEMAND SURGES
Media Release: The global liquefied natural gas (LNG) market has continued to defy expectations of many market observers, with demand growing by 29 ...
|
|
|
Showing 1791 to 1795 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- Xindia Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- Savvy Resources Ltd - HongKong
- Latin American Coal - Colombia
- Coalindo Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Timah Investasi Mineral - Indoneisa
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- SMG Consultants - Indonesia
- White Energy Company Limited
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Australian Commodity Traders Exchange
- Barasentosa Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Bhushan Steel Limited - India
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Sree Jayajothi Cements Limited - India
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- Central Electricity Authority - India
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- TeaM Sual Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- London Commodity Brokers - England
- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- Coastal Gujarat Power Limited - India
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Globalindo Alam Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Planning Commission, India
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- Larsen & Toubro Limited - India
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- Sical Logistics Limited - India
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- Borneo Indobara - Indonesia
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Bhatia International Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Madhucon Powers Ltd - India
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- Bulk Trading Sa - Switzerland
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- MS Steel International - UAE
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Grasim Industreis Ltd - India
- Australian Coal Association
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- Bahari Cakrawala Sebuku - Indonesia
- OPG Power Generation Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
|
| |
| |
|
