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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, 25 March 15
MARKET INSIGHT: TANKER CHARTERING - KATERINA RESTIS
The 1st of January 2015, as broadly reported, denoted the beginning date of new and progressive emission regulations for vessels operating within t ...
Wednesday, 25 March 15
AUSTRALIA SET TO ONCE AGAIN BE THE WORLD'S LARGEST COAL EXPORTER - COAL, MINERALS COUNCIL OF AUSTRALIA
Greg Evans, Executive Director - Coal, Minerals Council of Australia
Media Release: The latest Resources and Energy Quarterly published by the ...
Wednesday, 25 March 15
AUSTRALIA UPSTREAM ENERGY FIRMS FACE RISING OIL PRICE EXPOSURE - FITCH
Fitch Ratings says the Australian oil and gas companies involved in exploration and production face higher exposure to oil price-linked revenues, w ...
Wednesday, 25 March 15
2014 : UK COAL IMPORTS DECLINED 17%; GERMANY COAL IMPORTS UP 6%
Hard Coal Market 2014: Despite The Energy Turnaround, Hard Coal Imports To Germany Rise By More Than 6%, Although Hard Coal-Fired Power Generation ...
Tuesday, 24 March 15
A WEAK WEEK FOR FOB INDONESIA COAL SWAP
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 drop month on month and week over week.
The Q2 swap fell US$ 2.48 (5.12%) month ...
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- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- GMR Energy Limited - India
- The University of Queensland
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- Miang Besar Coal Terminal - Indonesia
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Power Finance Corporation Ltd., India
- IHS Mccloskey Coal Group - USA
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- Mintek Dendrill Indonesia
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- Minerals Council of Australia
- Commonwealth Bank - Australia
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- Renaissance Capital - South Africa
- MS Steel International - UAE
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- White Energy Company Limited
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
- Sree Jayajothi Cements Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Deloitte Consulting - India
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- Kumho Petrochemical, South Korea
- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
- The Treasury - Australian Government
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- Uttam Galva Steels Limited - India
- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- Jindal Steel & Power Ltd - India
- Global Business Power Corporation, Philippines
- Planning Commission, India
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- Bhoruka Overseas - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- Tamil Nadu electricity Board
- Simpson Spence & Young - Indonesia
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- Bukit Makmur.PT - Indonesia
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Barasentosa Lestari - Indonesia
- Petron Corporation, Philippines
- ASAPP Information Group - India
- Leighton Contractors Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- Economic Council, Georgia
- PTC India Limited - India
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