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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, 10 April 15
DRY BULK MARKET'S DOWNFALL ALSO OFFER INVESTMENT BARGAINS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Dry bulk market rates have fallen to historical lows over the past few weeks, with no clear path of recovery, at least in the near term. As such, m ...
Thursday, 09 April 15
CAPESIZE: RATES ARE STILL DISAPPOINTING - FEARNLEYS
Handy
The handy market had a stronger sentiment before the Easter holidays, but have as the bigger panamaxes seen a softening tendency this week. ...
Wednesday, 08 April 15
DRY BULK MARKET SEEMS UNABLE TO CATCH A BREAK - INTERMODAL
COALspot.com: The Dry Bulk market seems unable to catch a break these days.
According to Intermodal, following the market stabilization that p ...
Wednesday, 08 April 15
CHINA BURNS HALF OF THE WORLD'S COAL - CHRISTOPHER T. WHITTY
Intermodal Weekly Market Update
China is the world's largest consumer of coal, using more coal each year than the United States, the Europ ...
Tuesday, 07 April 15
SUB-BIT FOB INDONESIA COAL SWAP KEEPS DROPPING; DROPPED 2% W-W
COALspot.com: Indonesian coal swap for delivery Q2 2015 declined month on month and week over week.
The Q2 swap was declined US$ 2.44 (5.14%) ...
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- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- Aditya Birla Group - India
- Rio Tinto Coal - Australia
- Kumho Petrochemical, South Korea
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- GAC Shipping (India) Pvt Ltd
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- Salva Resources Pvt Ltd - India
- Larsen & Toubro Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- MS Steel International - UAE
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Kobexindo Tractors - Indoneisa
- Savvy Resources Ltd - HongKong
- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- OPG Power Generation Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- Indo Tambangraya Megah - Indonesia
- Metalloyd Limited - United Kingdom
- Power Finance Corporation Ltd., India
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- Singapore Mercantile Exchange
- Bangladesh Power Developement Board
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- Star Paper Mills Limited - India
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Sojitz Corporation - Japan
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Borneo Indobara - Indonesia
- Aboitiz Power Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- Eastern Coal Council - USA
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- Indonesian Coal Mining Association
- Australian Coal Association
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maheswari Brothers Coal Limited - India
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- VISA Power Limited - India
- McConnell Dowell - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- Minerals Council of Australia
- White Energy Company Limited
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- Semirara Mining and Power Corporation, Philippines
- Planning Commission, India
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- Bulk Trading Sa - Switzerland
- IHS Mccloskey Coal Group - USA
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- Bhatia International Limited - India
- The University of Queensland
- ICICI Bank Limited - India
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