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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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- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Alfred C Toepfer International GmbH - Germany
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Jaiprakash Power Ventures ltd
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- SN Aboitiz Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- Bukit Makmur.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- PNOC Exploration Corporation - Philippines
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- The State Trading Corporation of India Ltd
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- VISA Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- London Commodity Brokers - England
- Salva Resources Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- Thai Mozambique Logistica
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- Ceylon Electricity Board - Sri Lanka
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- Sical Logistics Limited - India
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Xindia Steels Limited - India
- Aditya Birla Group - India
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Singapore Mercantile Exchange
- Binh Thuan Hamico - Vietnam
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Mintek Dendrill Indonesia
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- Sojitz Corporation - Japan
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- Interocean Group of Companies - India
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Videocon Industries ltd - India
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- Cement Manufacturers Association - India
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- Bulk Trading Sa - Switzerland
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Grasim Industreis Ltd - India
- Australian Coal Association
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
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