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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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Wednesday, 01 April 15
SUPRAMAX & HANDY: RATES HELD STEADY TOWARDS THE WEEKEND
“Despite the fact that the Dry Bulk market closed off on the green last week, sentiment didn't improve by any means, not only because of ...
Wednesday, 01 April 15
WEEKLY SHIPPING MARKET UPDATE - INTERMODAL
There is no doubt that we are still witnessing a very challenging and at the same time very uncertain market, both with respect to dry chartering a ...
Wednesday, 01 April 15
Q4' 15 INDONESIA COAL SWAP CLOSED AT $45.15 W/E 27 MARCH 2015
COALspot.com: Indonesian coal swap for delivery Q2' 2015 drops month on month and week over week.
The Q2 swap declined US$ 1.54 (3.24%) mo ...
Tuesday, 31 March 15
RICHARDS BAY COAL SWAPS GAIN WEEK OVER WEEK
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 declined month over month but increased week on week.
The Q2 swap has ...
Monday, 30 March 15
WORST IS OVER FOR THE DRY BULK MARKET, BUT THE PAIN WILL REMAIN FOR YEARS TO COME, SAYS BIMCO CHIEF ANALYST - HELLENIC SHIPPING
The current demise of the dry bulk market isn’t one to go away anytime soon. That doesn’t mean that it can’t improve, with all sh ...
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- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Cigading International Bulk Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Jindal Steel & Power Ltd - India
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- Bhushan Steel Limited - India
- White Energy Company Limited
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- Planning Commission, India
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- San Jose City I Power Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- IEA Clean Coal Centre - UK
- Electricity Authority, New Zealand
- Australian Coal Association
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- Ministry of Finance - Indonesia
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- GMR Energy Limited - India
- Parliament of New Zealand
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Minerals Council of Australia
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- Asmin Koalindo Tuhup - Indonesia
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- Larsen & Toubro Limited - India
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- Mjunction Services Limited - India
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- Trasteel International SA, Italy
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement - Thailand
- Oldendorff Carriers - Singapore
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- Energy Link Ltd, New Zealand
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- Altura Mining Limited, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- VISA Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- Rio Tinto Coal - Australia
- Grasim Industreis Ltd - India
- The University of Queensland
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- Goldman Sachs - Singapore
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- Maheswari Brothers Coal Limited - India
- Australian Commodity Traders Exchange
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
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