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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, 16 April 15
INDIA: COAL IMPORTS RISE BY 33 PC TO 240 MT IN FY'15 - PTI
India’s coal imports in the just concluded FY 2015 increased by 33 per cent to about 240 million tonnes.
“Coal import have gone up ...
Thursday, 16 April 15
CAPESIZE: THE SUPPLY AND DEMAND SIDE ARE NOW SUFFERING HEAVILY - FEARNLEYS
Handy
It seems to be some standoff between owners and charterers in both hemispheres this week. Owners are raising their rates while charterers a ...
Thursday, 16 April 15
Q3 FOB RICHARDS BAY COAL SWAP CLOSED AT $ 55.67 PMT
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q2' 2015 declined month over month.
The Q2 swap has declined US$ 1.90 (3.17%) m ...
Wednesday, 15 April 15
PORT OF NEWCASTLE SHIPPED 13.63 MMT OF COAL IN MARCH; UP 4.41% M-O-M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.227 billi ...
Tuesday, 14 April 15
COAL OUTPUT FALLS AS PRICES CONTINUE TO LAG - JP
Coal output dropped by 21 percent in the first three months of the year as low prices for the commodity forced mining companies to reduce activitie ...
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- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- Vedanta Resources Plc - India
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Cement Manufacturers Association - India
- Riau Bara Harum - Indonesia
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- White Energy Company Limited
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- SMC Global Power, Philippines
- Standard Chartered Bank - UAE
- McConnell Dowell - Australia
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- The State Trading Corporation of India Ltd
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- Coastal Gujarat Power Limited - India
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- Sinarmas Energy and Mining - Indonesia
- IEA Clean Coal Centre - UK
- Chettinad Cement Corporation Ltd - India
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Heidelberg Cement - Germany
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- Global Business Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- Interocean Group of Companies - India
- Indogreen Group - Indonesia
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- Ministry of Transport, Egypt
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Renaissance Capital - South Africa
- Banpu Public Company Limited - Thailand
- Alfred C Toepfer International GmbH - Germany
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- Semirara Mining Corp, Philippines
- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Indian Oil Corporation Limited
- The University of Queensland
- Coalindo Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- MS Steel International - UAE
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- GMR Energy Limited - India
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- Kideco Jaya Agung - Indonesia
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