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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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Thursday, 30 April 15
IRON ORE EXPORTS: A DANGEROUS RACE? - CLARKSONS
The surge in iron ore exports in recent years has resulted in a significant decrease in iron ore spot prices, which dipped to a ten year low of bel ...
Thursday, 30 April 15
IRON ORE PLAYS EXPECTED TO SHAPE UP MAY DRY BULK SCHEDULE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Market plays in the iron ore commodities’ markets, are expected to carve out the future demand for the shipping industry as well, said Allied ...
Wednesday, 29 April 15
MARKET INSIGHT - INTERMODAL
The figures of China’s slowing down imports of coking coal for the first quarter of the year are coming to confirm what everybody was expecti ...
Wednesday, 29 April 15
SHIPBUILDERS START OFFERING DISCOUNTS FOR DRY BULK NEWBUILDINGS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
It took a while, but now it appears that some shipbuilders are beginning to adjust their price lists to the new grim reality of the dry bulk market ...
Tuesday, 28 April 15
FOB INDONESIA COAL SWAP DECLINED M-O-M; INCREASED W-O-W
COALspot.com: Indonesian coal swap for delivery Q2 2015 gained week over week but declined month on month.
The Q2 swap was declined US$ 0.15 ( ...
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- Minerals Council of Australia
- Meralco Power Generation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- The University of Queensland
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- Marubeni Corporation - India
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Economic Council, Georgia
- London Commodity Brokers - England
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- Essar Steel Hazira Ltd - India
- Therma Luzon, Inc, Philippines
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Global Coal Blending Company Limited - Australia
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- Agrawal Coal Company - India
- Posco Energy - South Korea
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- Videocon Industries ltd - India
- Aditya Birla Group - India
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- Georgia Ports Authority, United States
- PetroVietnam Power Coal Import and Supply Company
- Cement Manufacturers Association - India
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- Petron Corporation, Philippines
- Mercuria Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Sree Jayajothi Cements Limited - India
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- Indogreen Group - Indonesia
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- White Energy Company Limited
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- Uttam Galva Steels Limited - India
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- Wood Mackenzie - Singapore
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
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