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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, 24 April 15
CHINA IRON ORE MINE CLOSURES TO SLOW ON GOVERNMENT SUPPORT - FITCH
Fitch Ratings expects fewer Chinese iron ore mine closures in 2015 as the government takes steps to support the industry, which has been struggling ...
Friday, 24 April 15
IS INDIA THE 'NEW CHINA' WHEN IT COMES TO THE DRY BULK MARKET? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been feeling the “heat” of China’s slowdown and together with the industry’s own failings, with ove ...
Friday, 24 April 15
GLOBAL STEEL PRODUCTION OUTSIDE OF CHINA CONTINUES TO FARE VERY POORLY - JEFFREY LANDSBERG
COALspot.com: Data released this week showed that global crude steel production totaled approximately 138.05 million tons in March.
Wha ...
Friday, 24 April 15
WEEKLY U.S. COAL PRODUCTION ESTIMATE FALLS 5.7% FROM LAST WEEK
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 17.0 million short ...
Wednesday, 22 April 15
PANAMAX : ATLANTIC HOLDING ON TO THE GAINS OF THE PREVIOUS WEEK; PACIFIC BUSINESS SLID QUIETLY
COALspot.com: The Dry Bulk market managed to close off the week on a positive note last Friday, while as opposed to what we have been used to, it w ...
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- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- Trasteel International SA, Italy
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- VISA Power Limited - India
- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- Minerals Council of Australia
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- White Energy Company Limited
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- PowerSource Philippines DevCo
- Bukit Makmur.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- Riau Bara Harum - Indonesia
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- Straits Asia Resources Limited - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- Oldendorff Carriers - Singapore
- TeaM Sual Corporation - Philippines
- Dalmia Cement Bharat India
- ICICI Bank Limited - India
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tata Chemicals Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Alfred C Toepfer International GmbH - Germany
- Global Green Power PLC Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- IEA Clean Coal Centre - UK
- Kohat Cement Company Ltd. - Pakistan
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- Indogreen Group - Indonesia
- Maheswari Brothers Coal Limited - India
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Videocon Industries ltd - India
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Orica Mining Services - Indonesia
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- Directorate General of MIneral and Coal - Indonesia
- Latin American Coal - Colombia
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Petron Corporation, Philippines
- India Bulls Power Limited - India
- Sical Logistics Limited - India
- PTC India Limited - India
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- Parliament of New Zealand
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
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