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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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Sunday, 01 March 15
BDI INDEX SLIGHTLY UP CAUSED AN INCREASE IN THE PANAMAX, SUPARAMAX AND HANDY SIZE INDICES
COALspot.com: The freight market saw some gains this week and BDI was up 5.26 pct closed at 540 points. However the Cape index failed to follow BDI ...
Friday, 27 February 15
WEEKLY US COAL PRODUCTION DOWN AN ESTIMATED 14.0% FROM LAST WEEK - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 16.5 million short tons (mmst) of coal ...
Thursday, 26 February 15
DRY BULK MARKET COULD REBOUND FROM HISTORICAL LOWS IN THE COMING WEEKS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market could exit from its historical lows in the coming weeks, as Chinese buyers reenter the market after the holiday celebrations. T ...
Thursday, 26 February 15
COAL POLICY RISK: HIGHER ROYALTIES FOR IUP HOLDERS - BAHANA SECURITIES | JAKARTA POST
The Energy and Mineral Resources Ministry plans to raise coal royalties charged to mining operation permit (IUP) holders by the end of the first qu ...
Thursday, 26 February 15
DRY BULK MARKET LOOKING FOR POSITIVE MOMENTUM, BUT PROSPECTS REMAIN DIM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
As the Baltic Dry Index (BDI) inched a bit higher over the past couple of sessions and the Chinese are returning to the market after a week long hi ...
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- Neyveli Lignite Corporation Ltd, - India
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Mintek Dendrill Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- Chettinad Cement Corporation Ltd - India
- Economic Council, Georgia
- Posco Energy - South Korea
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- PowerSource Philippines DevCo
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- The University of Queensland
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- Deloitte Consulting - India
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Eastern Energy - Thailand
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- London Commodity Brokers - England
- AsiaOL BioFuels Corp., Philippines
- Oldendorff Carriers - Singapore
- Siam City Cement - Thailand
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Sakthi Sugars Limited - India
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Commodity Traders Exchange
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- White Energy Company Limited
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- Africa Commodities Group - South Africa
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- Cement Manufacturers Association - India
- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- Xindia Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
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