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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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Tuesday, 20 February 18
INDIA: COAL IMPORT RISES BY 12 PER CENT TO 18 MILLION TONNES IN JANUARY - PTI
The country’s coal import increased by 12.4 per cent to 18.49 million tonnes (MT) in January, against 16.
44 MT in the same month of the ...
Monday, 19 February 18
JOINT INSURANCE - WHY SHOULD YOU CARE? - SKULD
KNOWLEDGE TO ELEVATE
It is neither controversial nor new to say that co-assureds under a joint insurance policy cannot claim against each othe ...
Friday, 16 February 18
U.S. WEEKLY COAL OUTPUT DOWN 4.5 PER CENT WEEK OVER WEEK, 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 ...
Thursday, 15 February 18
INDIA: THERMAL POWER PLANTS UNDER STRESS ON RISING COAL, FREIGHT COSTS - BUSINESS STANDARD
Coal-based power plants are feeling the heat of spike in thermal grade coal prices and railway freight costs.
Prices of thermal grade coal sin ...
Wednesday, 14 February 18
HISTORY REPEATING ITSELF? - IEA
This month’s OMR is abbreviated to allow time for us to complete our annual five-year outlook that will be published in our report Oil 2018 o ...
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Showing 1801 to 1805 news of total 6871 |
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- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- ASAPP Information Group - India
- ICICI Bank Limited - India
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- Heidelberg Cement - Germany
- Cement Manufacturers Association - India
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Mercator Lines Limited - India
- Malabar Cements Ltd - India
- Vizag Seaport Private Limited - India
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- Videocon Industries ltd - India
- Global Green Power PLC Corporation, Philippines
- Aditya Birla Group - India
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chettinad Cement Corporation Ltd - India
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Goldman Sachs - Singapore
- Global Coal Blending Company Limited - Australia
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Star Paper Mills Limited - India
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- Australian Commodity Traders Exchange
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- Bhatia International Limited - India
- The University of Queensland
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- Electricity Authority, New Zealand
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Chamber of Mines of South Africa
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- Iligan Light & Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- Parliament of New Zealand
- Interocean Group of Companies - India
- Krishnapatnam Port Company Ltd. - India
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Savvy Resources Ltd - HongKong
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- International Coal Ventures Pvt Ltd - India
- SMC Global Power, Philippines
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- Mintek Dendrill Indonesia
- Planning Commission, India
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- Electricity Generating Authority of Thailand
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Asmin Koalindo Tuhup - Indonesia
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- Toyota Tsusho Corporation, Japan
- Deloitte Consulting - India
- Romanian Commodities Exchange
- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- Australian Coal Association
- Pipit Mutiara Jaya. PT, Indonesia
- The State Trading Corporation of India Ltd
- Mercuria Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Kaltim Prima Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
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