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Wednesday, 22 April 15
TANKER MARKET INSIGHT - STRATOS TINIAKOS
 The current environment we experience as a result of low crude oil prices is characterized by the increased demand for petroleum products in OECD countries (expected to surpass that of the developing countries by 2020), the increased output of refineries and consequently lower price of refined products.
As we have now entered Q2 and still enjoy some very good returns in the tanker market, we are looking back at the MR returns and how the MR fleet unfolds from 2012 to 2017. We see that an average of 126 vessels is delivered per year with a standard deviation of 32 vessels. The returns in the sector have increased due the factors mentioned above as well as the opening of more and more refineries around the world.
150 vessels, almost half of the orderbook, are due to be delivered throughout this year, while in 2016 and 2017 we expect 123 and 25 vessels respectively. Given the overwhelming slowdown in newbuilding activity over the past 9 months and based on the current economic projections we expect the slowdown in orders to persist for a bit longer.
In the meantime we see that the current environment do not support SnP activity, as Sellers push for more seeing their margins improve and buyers are still considering if the premium is worth at this stage.
The MR fleet up to 5 years old is expected to be around 647 vessels at the beginning of 2017. The main characteristic of the majority of the ships that were built post 2013, is that they are of eco design, which currently earns them a premium of around 10% in the t/c contracts compared to non-eco ships. According to our data the time charter fixtures concluded during the period 2012 up to now with a time horizon of 4 months up to 5 years, we observe that the majority concerns T/C contracts of over 1 year period.
The average 1 yr T/C rate for max 5yr old vessels is around 13,850 /day and it has been on an upward path since last year, while the trend for 2 yr T/C is also rising with an average rate of around usd 13,970/day. We also observe that starting 2013 and throughout 2015 rates have been increasing regardless of vessel age in both these period contracts, while 3-yr period contracts are currently being fixed at around usd16,000/ day for vessels up to ten years old, while the existence of the eco design in this case has made no difference in terms of premium.
The remaining of the year will be challenging for spot players as they will have to cope with the scheduled deliveries that will be added in the active service fleet, while in regards to new entrants – especially private equity funds – we could be seeing more aggressive movements in the form of acquisition of modern units on en-block basis. If this proves to be the case, it will also translate to more aggressiveness in fixing long term contracts as well. Obviously charterers will take advantage of the modernization of the fleet and we anticipate that they will hold back and focus on periods of 2-3 years on modern eco imo units at sub usd 16,000 levels.
Stratos Tiniakos
Tanker Chartering 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 re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Friday, 08 May 15
COAL PRODUCTION IN U.S. UP 3.2% THIS PAST WEEK - EIA
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 17.4 million short ...
Wednesday, 06 May 15
COMBINATION OF HOLIDAYS AND A SHAKY MARKET PUT ADDITIONAL PRESSURE ON RATES
COALspot.com: The combination of holidays and a shaky market is always a recipe for additional pressure on rates and last week was no exception. Wi ...
Wednesday, 06 May 15
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
The first four months of 2015 are now behind us and they make up for a decent amount of time to look back and assess how the year is evolving so fa ...
Tuesday, 05 May 15
MIFA BERSAUDARA UNIT OF ABM INVESTAMA STARTS OPERATING $200M COAL MINE IN ACEH
Reswara Minergi Hartama, a coal mining unit of coal miner ABM Investama known as known as Reswara, inaugurated a $200 million integrated coal minin ...
Tuesday, 05 May 15
FREIGHT DERIVATIVE VOLUMES REACHED TOTALED 14,154 CONTRACTS IN APRIL - SGX
COALspot.com: “Our unique suite of freight and bulk commodity products provides market participants with a wide range of trading strategies a ...
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- Ministry of Transport, Egypt
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- The University of Queensland
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Merrill Lynch Commodities Europe
- Ministry of Finance - Indonesia
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- Romanian Commodities Exchange
- Standard Chartered Bank - UAE
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- Pipit Mutiara Jaya. PT, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- Heidelberg Cement - Germany
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- Eastern Energy - Thailand
- Deloitte Consulting - India
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- Siam City Cement PLC, Thailand
- Vizag Seaport Private Limited - India
- Jindal Steel & Power Ltd - India
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- Miang Besar Coal Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- New Zealand Coal & Carbon
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Chamber of Mines of South Africa
- Formosa Plastics Group - Taiwan
- Therma Luzon, Inc, Philippines
- Indogreen Group - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- Bukit Makmur.PT - Indonesia
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
- White Energy Company Limited
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- Edison Trading Spa - Italy
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- Aditya Birla Group - India
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- PTC India Limited - India
- Electricity Authority, New Zealand
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- Altura Mining Limited, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
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