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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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Thursday, 19 March 15
INDONESIAN COAL BENCHMARK SOAR 7.69% IN MARCH....!!!
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised up Indonesian coal benchmark prices to US$ 67.76 per MT in March ...
Wednesday, 18 March 15
AVERAGE RATE FOR CAPES MOVED TO BELOW $ 4K/DAY LAST WEEK - INTERMODAL
COALspot.com: The even heavier losses noted in the Capesize segment last week, denied the Dry Bulk market a third weekly positive, while the smalle ...
Wednesday, 18 March 15
PARKING THE CAPES - LINOS KOGEVINAS
It is no secret that recent times have been anything but kind towards shipping, and no sector has suffered more lately than the dry bulk one. While ...
Wednesday, 18 March 15
CHINA-OWNED SHIPS: A RAPID RISE TO BECOME ONE OF THE WORLD'S LARGEST FLEETS - RICHARD SCOTT
Ships operated by owners based in China have become increasingly prominent on the world’s sea routes. China-owned container ships, bulk carri ...
Wednesday, 18 March 15
Q2 INDONESIAN COAL SWAP DROP 1.45% M-O-M; GAIN 0.63% W-O-W
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 drop month on month and gained week over week.
The Q2 swap fell US$ 0.70 (1.45%) ...
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- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- PTC India Limited - India
- Savvy Resources Ltd - HongKong
- Latin American Coal - Colombia
- Ministry of Finance - Indonesia
- CNBM International Corporation - China
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- TNB Fuel Sdn Bhd - Malaysia
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Neyveli Lignite Corporation Ltd, - India
- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GVK Power & Infra Limited - India
- The University of Queensland
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- Medco Energi Mining Internasional
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- Gujarat Mineral Development Corp Ltd - India
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- Kideco Jaya Agung - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Mines - Canada
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- Holcim Trading Pte Ltd - Singapore
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- Semirara Mining and Power Corporation, Philippines
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Alfred C Toepfer International GmbH - Germany
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Tata Chemicals Ltd - India
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- VISA Power Limited - India
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Xindia Steels Limited - India
- London Commodity Brokers - England
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
- Therma Luzon, Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- Independent Power Producers Association of India
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Orica Australia Pty. Ltd.
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