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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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Monday, 23 March 15
SEABORNE WORLD COAL TRADE: GROWTH +5% - GERMAN COAL IMPORTER ASSOCIATION
Hard Coal Market 2014: Despite The Energy Turnaround, Hard Coal Imports To Germany Rise By More Than 6%, Although Hard Coal-Fired Power Generation ...
Sunday, 22 March 15
DRY BULK RATES CONTINUED TO RISE THIS WEEK
COALspot.com: The freight market was steady this week as all the segments increased after many weeks of weak trend.
The Baltic Dry Index (BDI) ...
Friday, 20 March 15
HARD COAL MARKET 2014: DESPITE THE ENERGY TURNAROUND, HARD COAL IMPORTS TO GERMANY RISE BY MORE THAN 6% (PART 1)
Hard Coal Market 2014: Despite The Energy Turnaround, Hard Coal Imports To Germany Rise By More Than 6%, Although Hard Coal-Fired Power Generation ...
Friday, 20 March 15
U.S. WEEKLY COAL PRODUCTION SHOWS 5.9% INCREASE WEEK OVER WEEK - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.5 million short tons (mmst) of coal ...
Thursday, 19 March 15
HANDY: INDO COAL CARGOS DESTINED FOR INDIA BEING FIXED IN REGION OF $ 7-8K - FEARNLEYS
Handy
The Handy and Supra market has had a week with mixed signals. Although we see more activity in both hemispheres the rates are only up about ...
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- Ministry of Transport, Egypt
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- Indogreen Group - Indonesia
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- Grasim Industreis Ltd - India
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- Indian Energy Exchange, India
- Mintek Dendrill Indonesia
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Energy Development Corp, Philippines
- IEA Clean Coal Centre - UK
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- Borneo Indobara - Indonesia
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- Videocon Industries ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- Banpu Public Company Limited - Thailand
- Global Coal Blending Company Limited - Australia
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- Jorong Barutama Greston.PT - Indonesia
- Antam Resourcindo - Indonesia
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- Eastern Energy - Thailand
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- Posco Energy - South Korea
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- White Energy Company Limited
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- Intertek Mineral Services - Indonesia
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- Petrochimia International Co. Ltd.- Taiwan
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- MS Steel International - UAE
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- Romanian Commodities Exchange
- Georgia Ports Authority, United States
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