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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, 27 March 15
INDONESIA: NEW REGULATION REQUIRES LETTER OF CREDIT FOR EXPORT OF PRODUCTS FROM NATURAL RESOURCES
The Minister of Trade issued Ministerial Regulation No. 04/M-DAG/PER/1/2015 (“Regulation No. 4/2015”) on 5 January 2015. Regulati ...
Friday, 27 March 15
WEEKLY U.S COAL OUTPUT FALLS 1.7% W-W; 7.9% Y-Y
COALspot.com – United States the world's one of the largest coal producers, produced approximately totaled an estimated 18.2 million ...
Thursday, 26 March 15
CHINA IRON ORE IMPORT FOR THE FIRST 2 MONTHS DECLINED BY 1.2 % Y-O-Y; PANAMAX AUSSIE/CHINA ROUNDS BEING FIXED IN THE $4 -5K RANGE - FEARNLEYS
Handy
There has been more activity in both hemispheres this week. Especially the USG market has picked up with more cargoes for prompter dates en ...
Thursday, 26 March 15
RATES FOR THE SMALLER SIZE SEGMENT CONTINUED TO IMPROVE LAST WEEK - INTERMODAL
To see green across the board is a rare occurrence in the Dry Bulk market nowadays and while the upside in which last week closed off is not of the ...
Thursday, 26 March 15
KYUSHU ELECTRIC POWER OF JAPAN HAS JOINED GLOBALCOAL ONLINE COAL TRADING PLATFORM
globalCOAL® announced today that Kyushu Electric Power, one of Japan’s largest utility companies, has joined its online coal trading plat ...
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- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- Sakthi Sugars Limited - India
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- Miang Besar Coal Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Mercator Lines Limited - India
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- The State Trading Corporation of India Ltd
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- TeaM Sual Corporation - Philippines
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- PowerSource Philippines DevCo
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Wilmar Investment Holdings
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Borneo Indobara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- Heidelberg Cement - Germany
- White Energy Company Limited
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- MS Steel International - UAE
- PTC India Limited - India
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- Kobexindo Tractors - Indoneisa
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- Baramulti Group, Indonesia
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Minerals Council of Australia
- Samtan Co., Ltd - South Korea
- OPG Power Generation Pvt Ltd - India
- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- Toyota Tsusho Corporation, Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Indika Energy - Indonesia
- Economic Council, Georgia
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Coalindo Energy - Indonesia
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- European Bulk Services B.V. - Netherlands
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Petron Corporation, Philippines
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- Central Java Power - Indonesia
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- Lanco Infratech Ltd - India
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- GVK Power & Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Larsen & Toubro Limited - India
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