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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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Tuesday, 21 April 15
SUB-BIT FOB INDONESIA COAL SWAP: GAINED W-O-W; DECLINED M-O-M
COALspot.com: Indonesian coal swap for delivery Q2 2015 gained week over week and declined month on month.
The Q2 swap was declined US$ 1.75 ( ...
Tuesday, 21 April 15
FOB RICHARDS BAY COAL SWAP MOVE UP SLIGHTLY
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q2' 2015 increased slightly month over month.
The Q2 swap has increased US$ 0.2 ...
Monday, 20 April 15
BUKIT ASAM TAKES OVER STAKE IN JV FROM RAJAWALI - JP
State-owned coal miner PT Bukit Asam (PTBA) announced Friday that it had taken over almost the entire stake in a joint venture (JV) that it created ...
Monday, 20 April 15
FOB NEWCASTLE COAL SWAP GAINED WEEK ON WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 3.54 per MT (-7.21%) month over month and gained US$ 0.30 week ...
Monday, 20 April 15
Q4' 2015 API 8 CFR SOUTH CHINA COAL SWAP CLOSED US$ 50.28 PMT
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 4.03 (-7.28%) per MT month over month and US$ 0.05 (-0 ...
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Showing 3061 to 3065 news of total 6871 |
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- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Kohat Cement Company Ltd. - Pakistan
- Manunggal Multi Energi - Indonesia
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- Vedanta Resources Plc - India
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- Iligan Light & Power Inc, Philippines
- Singapore Mercantile Exchange
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- Bulk Trading Sa - Switzerland
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- GMR Energy Limited - India
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- Power Finance Corporation Ltd., India
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Malabar Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Bangladesh Power Developement Board
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Romanian Commodities Exchange
- Therma Luzon, Inc, Philippines
- Electricity Authority, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- Interocean Group of Companies - India
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Larsen & Toubro Limited - India
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- OPG Power Generation Pvt Ltd - India
- Deloitte Consulting - India
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- Mercator Lines Limited - India
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- Planning Commission, India
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- Altura Mining Limited, Indonesia
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- Central Electricity Authority - India
- Parliament of New Zealand
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- Minerals Council of Australia
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Edison Trading Spa - Italy
- MS Steel International - UAE
- Global Coal Blending Company Limited - Australia
- Ceylon Electricity Board - Sri Lanka
- VISA Power Limited - India
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- London Commodity Brokers - England
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Formosa Plastics Group - Taiwan
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
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