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.
|
|
Saturday, 24 February 18
CHINA BECOMES WORLD'S SECOND LARGEST LNG IMPORTER, BEHIND JAPAN - EIA
China surpassed South Korea to become the world’s second-largest importer of liquefied natural gas (LNG) in 2017, according to data from IHS ...
Friday, 23 February 18
ESTIMATED U.S. WEEKLY COAL PRODUCTION UP 2.8 PER CENT W/E 17 FEB' 18 - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.6 million short tons ...
Thursday, 22 February 18
WHY THE COMMODITY RALLY WILL GET BACK ON TRACK - SIMON FLOWERS
Implications for the US dollar and producers
Are we in the early stages of a sustained rise in commodity prices? And what does it mean for the ...
Thursday, 22 February 18
PANAMAX: IT HAS BEEN A SLOW AND UNEVENTFUL WEEK - FEARNLEYS
Supramax
Slight improvement from Atlantic with more hope for upcoming weeks. More grain cargoes from Black Sea made fhaul rates better again $17- ...
Wednesday, 21 February 18
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
2017 proved to be a relatively good year with positive margins for the Dry Bulk market. Especially during the last quarter of the year everyone can ...
|
|
|
Showing 1796 to 1800 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- VISA Power Limited - India
- Wilmar Investment Holdings
- Ministry of Mines - Canada
- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Ministry of Transport, Egypt
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Siam City Cement PLC, Thailand
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- GMR Energy Limited - India
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Planning Commission, India
- London Commodity Brokers - England
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- Thai Mozambique Logistica
- Deloitte Consulting - India
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- Kepco SPC Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Medco Energi Mining Internasional
- Asmin Koalindo Tuhup - Indonesia
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- Malabar Cements Ltd - India
- Orica Mining Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- European Bulk Services B.V. - Netherlands
- Therma Luzon, Inc, Philippines
- Star Paper Mills Limited - India
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- SMG Consultants - Indonesia
- SN Aboitiz Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- Central Electricity Authority - India
- Jindal Steel & Power Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- Australian Coal Association
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Manunggal Multi Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- Anglo American - United Kingdom
- Parliament of New Zealand
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Altura Mining Limited, Indonesia
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- PTC India Limited - India
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Cement Manufacturers Association - India
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- Petron Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Bhatia International Limited - India
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- Indika Energy - Indonesia
- The University of Queensland
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- Ind-Barath Power Infra Limited - India
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Chettinad Cement Corporation Ltd - India
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
|
| |
| |
|
