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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, 13 March 15
ADARO RECORDED A 7% INCREASE IN EBITDA OF $877 MILLION IN 2014
“Coal market continues to be difficult and challenging” – Adaro Energy
The world’s Top 5 thermal coal exporter, ...
Thursday, 12 March 15
CAPESIZE : ACTIVITY IS LOW; PANAMAX: BIT MORE ACTIVITY; HANDY: A FIRMING WEEK
Handy
It has been a firming week in both hemispheres this week and especially in the Pacific, says Fearnleys AS in its week's week report.
...
Thursday, 12 March 15
COAL MINERS REMAIN UNDER PRESSURE AS GLUT CONTINUES - THE JAKARTA POST
Indonesia’s major coal miners reported a significant drop in their earnings last year as the sharp drop in the global demand, mainly from Chi ...
Thursday, 12 March 15
FOB INDONESIA COAL SWAP DROP TO $47.33 A TON IN THE WEEK ENDED MAR.6
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 drop month on month and week over week.
The Q2 swap fell US$ 0.37 (0.78%) month ...
Wednesday, 11 March 15
RICHARDS BAY COAL SWAPS DROP $ 3.65 - 4.0/T W-O-W
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 declined month over month and week on week.
The Q2 swap has fell US$ ...
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- Bhatia International Limited - India
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- Africa Commodities Group - South Africa
- Toyota Tsusho Corporation, Japan
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- Marubeni Corporation - India
- Riau Bara Harum - Indonesia
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ambuja Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- Indian Energy Exchange, India
- New Zealand Coal & Carbon
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- VISA Power Limited - India
- Standard Chartered Bank - UAE
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- Parliament of New Zealand
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
- PTC India Limited - India
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
- The University of Queensland
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Alfred C Toepfer International GmbH - Germany
- White Energy Company Limited
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- Sarangani Energy Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- Savvy Resources Ltd - HongKong
- Economic Council, Georgia
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Renaissance Capital - South Africa
- Planning Commission, India
- Baramulti Group, Indonesia
- SMC Global Power, Philippines
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Thiess Contractors Indonesia
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
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