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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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Wednesday, 14 February 18
SHIPPING MARKET INSIGHT - NASSOS SOULAKIS
The second month of the year is traditionally a particularly interesting one for the shipping industry as a whole and even more importantly for the ...
Monday, 12 February 18
PANAMAX: WITH LIMITED FRESH ENQUIRY IN ALL AREAS, SPOT MARKET RATES DRIFTED LOWER THROUGHOUT THE WEEK - BALTIC BRIEFING
Capesize
A switch to the Atlantic with rates firming as charterers seemed keen to fix and tonnage was tight, prompting a recovery in rates. Trans ...
Monday, 12 February 18
WORLDWIDE: 'DEMURRAGE CLAIMS' FOR THE PURPOSES OF DOCUMENTARY TIME BARS
KNOWLEDGE TO ELEVATE
On 2 February 2018 the Commercial Court allowed an appeal from a decision of the Arbitration Tribunal in Lukoil Asia Paci ...
Saturday, 10 February 18
COAL INDIA ON PATH OF SUSTAINABLE PRODUCTION GROWTH AND SUPPLY TO POWER AND NON POWER SECTOR - PIB
Supply of 371.8 MT of Coal to Power Sector and 103.1 MT Coal to Non-Power Sector Achieved in 2017-18 Till January,2018 Average Rake Loading To The ...
Saturday, 10 February 18
OIL PRICE USD 100/BARREL BY END OF 2018! - SAROJ MOHAPATRA
All demand supplies calculations are going wrong in oil market at present. US production is increasing at a good pace and set to topple Saudi comfo ...
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Showing 1806 to 1810 news of total 6871 |
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- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- PetroVietnam Power Coal Import and Supply Company
- Vijayanagar Sugar Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- Ambuja Cements Ltd - India
- Agrawal Coal Company - India
- Salva Resources Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- Dalmia Cement Bharat India
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- Economic Council, Georgia
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- Kalimantan Lumbung Energi - Indonesia
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- Ministry of Transport, Egypt
- Essar Steel Hazira Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- International Coal Ventures Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Aditya Birla Group - India
- Parry Sugars Refinery, India
- Coastal Gujarat Power Limited - India
- Thai Mozambique Logistica
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Eastern Energy - Thailand
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- Neyveli Lignite Corporation Ltd, - India
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- Interocean Group of Companies - India
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- Semirara Mining Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Commodity Traders Exchange
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- Rio Tinto Coal - Australia
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- Central Java Power - Indonesia
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- PTC India Limited - India
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- The State Trading Corporation of India Ltd
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
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