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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, 12 February 15
INDONESIAN COAL PRICE REFERENCE INCHED DOWN 1.44% IN FEBRUARY
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down Indonesian coal bench mark price this month to US$ 62.92 pe ...
Thursday, 12 February 15
NEWBUILDING ORDERING ACTIVITY DRAGS ON, AS OWNERS ARE LOOKING FOR LOWER PRICES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Ship owners appear to be waiting for lower prices in their dealings with Asian shipyards, as the dry bulk market is at historical lows. According t ...
Wednesday, 11 February 15
DRY BULK MARKET REMAINED UNDER PRESSURE : STABILIZING CAPE MARKET HARDLY HELPED SENTIMENT
COALspot.com: The Dry Bulk market remained under pressure last week, while the stabilizing Cape market hardly helped sentiment.
Greece based s ...
Wednesday, 11 February 15
BDI HITTING THE ALL-TIME LOW; FFA MARKETS NOT SHOWING ANY POSITIVE SIGNS
With the BDI hitting the all-time low and with FFA markets not showing any positive signs for a possible recovery in the near future, pessimism is ...
Tuesday, 10 February 15
IRON ORE MARKET TO REMAIN OVERSUPPLIED IN 2015: PRICE FORECAST $70/T - WOOD MACKENZIE
COALspot.com: With January witnessing the price of iron ore falling to its lowest levels since May 2009, Roger Emslie, Principal Metals & ...
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- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- Metalloyd Limited - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- Sarangani Energy Corporation, Philippines
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- Manunggal Multi Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- New Zealand Coal & Carbon
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- The University of Queensland
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- Maheswari Brothers Coal Limited - India
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- Eastern Energy - Thailand
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- Neyveli Lignite Corporation Ltd, - India
- Africa Commodities Group - South Africa
- Wood Mackenzie - Singapore
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- Australian Coal Association
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Indogreen Group - Indonesia
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- Orica Australia Pty. Ltd.
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- Jaiprakash Power Ventures ltd
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Energy Development Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Mines - Canada
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- Aditya Birla Group - India
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
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