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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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Sunday, 19 April 15
THE OCEAN FREIGHT MARKET SHOWED STEADY THIS WEEK
COALspot.com: The freight market was fairly steady this week. The BDI was up 2.93% to 597 points week over week. The cape index was also increased ...
Friday, 17 April 15
IHS ENERGY EUROPEAN COAL OUTLOOK CONFERENCE
Attend the IHS Energy European Coal Outlook Conference 19-20 May in Nice, France and learn about timely concerns in today’s coal industry.
...
Friday, 17 April 15
COAL PRODUCTION IN THE U.S. UP THIS PAST WEEK - EIA
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 18.0 million short ...
Thursday, 16 April 15
NEW COMMODITY SUPERHIGHWAY WILL EMERGE IN CHINA, ALTERING ENERGY TRADE FLOWS - WOOD MACKENZIE
Wood Mackenzie says that China’s Go West strategy – encouraging coastal to inland flow of capital and people - will result in the forma ...
Thursday, 16 April 15
SHIPPING DEMAND TO SUFFER AS CHINESE SLOWDOWN CONFIRMED SAYS BIMCO'S CHIEF SHIPPING ANALYST - BIMCO
The Chinese economy grew by 7.0% y-o-y in the first quarter of 2015, according to National Bureau of Statistics in China. This is the weakest overa ...
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- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Videocon Industries ltd - India
- Aditya Birla Group - India
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- India Bulls Power Limited - India
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Kapuas Tunggal Persada - Indonesia
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- Central Java Power - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Miang Besar Coal Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- White Energy Company Limited
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Indika Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- VISA Power Limited - India
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Formosa Plastics Group - Taiwan
- Ambuja Cements Ltd - India
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- Borneo Indobara - Indonesia
- Siam City Cement - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- Kaltim Prima Coal - Indonesia
- Gujarat Sidhee Cement - India
- Savvy Resources Ltd - HongKong
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Ministry of Mines - Canada
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- The State Trading Corporation of India Ltd
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- Minerals Council of Australia
- Timah Investasi Mineral - Indoneisa
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Planning Commission, India
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- Goldman Sachs - Singapore
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- PNOC Exploration Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Wilmar Investment Holdings
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- Orica Australia Pty. Ltd.
- The University of Queensland
- Medco Energi Mining Internasional
- PetroVietnam Power Coal Import and Supply Company
- Kartika Selabumi Mining - Indonesia
- Parry Sugars Refinery, India
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Ceylon Electricity Board - Sri Lanka
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PowerSource Philippines DevCo
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- Bharathi Cement Corporation - India
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
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