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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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Wednesday, 25 February 15
PORT OF NEWCASTLE SHIPPED 13.16MT OF COAL IN JANUARY; DECLINED 16.70% FROM A MONTH AGO
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.15 billio ...
Wednesday, 25 February 15
BDI SLIPPING ONCE MORE TO FRESH HISTORICAL LOWS
COALspot.com: With the BDI slipping once more to fresh historical lows and the Chinese holidays underway, signs for a positive reversal in the Dry ...
Tuesday, 24 February 15
FOB INDONESIA COAL SWAP SET TO RALLY
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 rose week over week and month on month.
The Q2 swap increased US$ 3.30 (+7.30%) ...
Tuesday, 24 February 15
Q3' FOB RICHARDS BAY COAL SWAP CLOSED $59.80 W/E 20 FEB
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 surge month over month and decline week on week.
The Q2 swap has soar ...
Tuesday, 24 February 15
IHS ENERGY COAL CONFERENCE OF THE AMERICAS
Attend the IHS Energy Coal Conference of the Americas 17-19 March in Cartagena, Colombia and learn about timely concerns in today's coal indust ...
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- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Orica Australia Pty. Ltd.
- Dalmia Cement Bharat India
- Edison Trading Spa - Italy
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- Bhushan Steel Limited - India
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- Vedanta Resources Plc - India
- Thai Mozambique Logistica
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- India Bulls Power Limited - India
- Indian Energy Exchange, India
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Kohat Cement Company Ltd. - Pakistan
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- Indian Oil Corporation Limited
- PTC India Limited - India
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- CIMB Investment Bank - Malaysia
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Agrawal Coal Company - India
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- Bangladesh Power Developement Board
- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- Oldendorff Carriers - Singapore
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- The University of Queensland
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Holcim Trading Pte Ltd - Singapore
- Sinarmas Energy and Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Merrill Lynch Commodities Europe
- Riau Bara Harum - Indonesia
- Attock Cement Pakistan Limited
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- Orica Mining Services - Indonesia
- Planning Commission, India
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Singapore Mercantile Exchange
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Rashtriya Ispat Nigam Limited - India
- Central Electricity Authority - India
- Independent Power Producers Association of India
- Bhatia International Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- Malabar Cements Ltd - India
- Africa Commodities Group - South Africa
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Baramulti Group, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- Coastal Gujarat Power Limited - India
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Australian Coal Association
- Banpu Public Company Limited - Thailand
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- McConnell Dowell - Australia
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