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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, 05 March 15
BUKIT ASAM BOOKED US$ 1 BILLION REVENUE IN 2014
COALspot.com: Indonesian publicly listed and state owned coal miner PT. Bukit Asam, has announced that, the revenue of the company for the period J ...
Wednesday, 04 March 15
AN AGENDA FOR CHANGE - FITCH INDONESIA CONFERENCE
Fitch Indonesia Conference - 5 March 2015
Fitch Ratings will host its annual Indonesia conference on 5 March 2015.
The theme of this year ...
Wednesday, 04 March 15
KEEP CALM AND INVEST IN DRY - THEODORE NTALAKOS
Keep Calm and Carry On was originally a motivational poster, intended to raise the morale of the British public, produced by the British government ...
Tuesday, 03 March 15
INDONESIAN COAL EXPORT VOLUME TO DECLINE 50% BY 2019
COALspot.com: The Indonesian government is planning to reduce coal export volume by 50% within the next five years while keeping its coal productio ...
Tuesday, 03 March 15
INDIAN THERMAL COAL IMPORTS: STEAMING FORWARD - CLARKSONS
Coal-fired power stations comprise around 60% of India’s power output, and with domestic supply issues and favourable international coal pric ...
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- Romanian Commodities Exchange
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
- PTC India Limited - India
- Sinarmas Energy and Mining - Indonesia
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- Economic Council, Georgia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- International Coal Ventures Pvt Ltd - India
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Cement Manufacturers Association - India
- GVK Power & Infra Limited - India
- The University of Queensland
- Jaiprakash Power Ventures ltd
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- Eastern Energy - Thailand
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Interocean Group of Companies - India
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Coastal Gujarat Power Limited - India
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- PNOC Exploration Corporation - Philippines
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- Riau Bara Harum - Indonesia
- Singapore Mercantile Exchange
- Krishnapatnam Port Company Ltd. - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Ministry of Finance - Indonesia
- Wilmar Investment Holdings
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- Ministry of Mines - Canada
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
- The Treasury - Australian Government
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- Australian Coal Association
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Billiton Holdings Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- White Energy Company Limited
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- Essar Steel Hazira Ltd - India
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- Siam City Cement - Thailand
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
- Simpson Spence & Young - Indonesia
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- Planning Commission, India
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Wood Mackenzie - Singapore
- Orica Australia Pty. Ltd.
- Chamber of Mines of South Africa
- Jorong Barutama Greston.PT - Indonesia
- Energy Link Ltd, New Zealand
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
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