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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, 19 February 15
PANAMAX: NOPAC AND AUSSIE ROUNDS ARE DONE IN LOW/MID $ 4000; TRIPS VIA INDONESIA TO INDIA CLOSER TO THE $5000 MARK - FEARNLEYS
Handy
The handy and supra market has not seen any firming rates in front of the Chinese New Year and still suffering on low activity in both hemi ...
Wednesday, 18 February 15
DRY BULK SHIPPING TO RECOVER IN LATE 2015 - DREWRY MARITIME RESEARCH
Strong trade growth, moderating fleet development and deployment of new fuel efficient vessels are expected to lead to a recovery in dry bulk shipp ...
Tuesday, 17 February 15
WHO PAYS THE SUEZ CANAL FEES? - INCE & CO
KNOWLEDGE TO ELEVATE
This was an appeal from an arbitration award on a point of construction in relation to the wording of an addendum to a ch ...
Tuesday, 17 February 15
BUOYANT WAVES IN RECENT YEARS: GLOBAL SHIP INVESTMENT SINCE THE CRASH - HELLENIC SHIPPING NEWS
Anxiety about fleet expansion is a recurring feature of world shipping markets. Within the global maritime community, worries about the vast amount ...
Tuesday, 17 February 15
FOB SUB-BIT INDONESIA COAL SWAP UP 8% MONTH OVER MONTH
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 rose week over week and month on month.
The Q2 swap up US$ 3.58 (+8.00%) month o ...
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- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Thiess Contractors Indonesia
- Parliament of New Zealand
- Australian Coal Association
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- SMG Consultants - Indonesia
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- Planning Commission, India
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aditya Birla Group - India
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- Jindal Steel & Power Ltd - India
- Ministry of Mines - Canada
- Thai Mozambique Logistica
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- Minerals Council of Australia
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- Baramulti Group, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- Xindia Steels Limited - India
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- Bhatia International Limited - India
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- Heidelberg Cement - Germany
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- PTC India Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ICICI Bank Limited - India
- White Energy Company Limited
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- Agrawal Coal Company - India
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- Meralco Power Generation, Philippines
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