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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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Tuesday, 17 March 15
GAS TO CHALLENGE COAL IN THE ASIAN POWER GENERATION MIX - WOOD MACKENZIE
KNOWLEDGE TO ELEVATE
Wood Mackenzie says that coal is facing increasing competition from gas in the power sector. Coal has dominated as the fu ...
Tuesday, 17 March 15
RIO TINTO PAID US$ 7.1 BILLION IN TAXES IN 2014
COALspot.com: Rio Tinto has published its latest Taxes paid report, detailing the US$7.1 billion in taxes paid by the company around the world in 2 ...
Tuesday, 17 March 15
NEARLY 17% OF US COAL PRODUCTION UNECONOMIC AT CURRENT MARKET PRICING - WOOD MACKENZIE
COALspot.com: Close to 17% of forecast 2015 US coal production is at risk of idling or closure, totalling 162 million short tons (Mst), as these mi ...
Tuesday, 17 March 15
Q3' SA COAL SWAP CLOSED $57.30 PMT W/E 13 MARCH
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 declined month over month and gained week on week.
The Q2 swap has fe ...
Monday, 16 March 15
MAKING THE WORLD GO ROUND - SEABORNE TRADE! - CLARKSONS
Money, or even love if you prefer, are claimed to make the world go round. For the shipping world, however, it’s trade that sets things spinn ...
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- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Central Java Power - Indonesia
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- Asmin Koalindo Tuhup - Indonesia
- Maheswari Brothers Coal Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- Trasteel International SA, Italy
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
- Standard Chartered Bank - UAE
- Mercator Lines Limited - India
- Videocon Industries ltd - India
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Baramulti Group, Indonesia
- Economic Council, Georgia
- VISA Power Limited - India
- Petron Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Wood Mackenzie - Singapore
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Karaikal Port Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- Altura Mining Limited, Indonesia
- Anglo American - United Kingdom
- Marubeni Corporation - India
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- Latin American Coal - Colombia
- The University of Queensland
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- Bayan Resources Tbk. - Indonesia
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- Vizag Seaport Private Limited - India
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- AsiaOL BioFuels Corp., Philippines
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Jindal Steel & Power Ltd - India
- The State Trading Corporation of India Ltd
- Independent Power Producers Association of India
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining Corp, Philippines
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Agrawal Coal Company - India
- Directorate General of MIneral and Coal - Indonesia
- Tata Chemicals Ltd - India
- Planning Commission, India
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- Price Waterhouse Coopers - Russia
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Energy Development Corp, Philippines
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- India Bulls Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Australian Coal Association
- Global Business Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Semirara Mining and Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- Indogreen Group - Indonesia
- Tamil Nadu electricity Board
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- Bhoruka Overseas - Indonesia
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