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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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Monday, 02 February 15
API 8 CFR SOUTH CHINA COAL SWAP PICKS UP W-O-W
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery declined US$ 0.81 (-1.36%) per MT month over month and gained US$ 0.18&nb ...
Monday, 02 February 15
SOUTH KOREA'S KOMIPO INVITES BIDS FOR 280K MT OF SUB-BITUMINOUS COAL
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender to buy total 280,000 MT of Sub-bituminous coal coa ...
Sunday, 01 February 15
INDONESIA-TO-INDIA COAL FREIGHT RATES REMAIN WEAK NEXT WEEK
COALspot.com: The BDI continued its fall reached lowest levels since 1986 this week.
The BDI declined 15.55 pct to 608 points on Friday 30, Ja ...
Friday, 30 January 15
CONTANGO AND TANKERS - SKULD
KNOWLEDGE TO ELEVATE
Like an invitation to a dance, the word contango may have some people flustered, but for tanker owners this market phenome ...
Friday, 30 January 15
U.S. YEAR-TO-DATE COAL PRODUCTION REACHED 65.7 MMST
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.9 million short tons (mmst) of coal ...
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- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- SN Aboitiz Power Inc, Philippines
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- Aboitiz Power Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Bahari Cakrawala Sebuku - Indonesia
- India Bulls Power Limited - India
- Intertek Mineral Services - Indonesia
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- Banpu Public Company Limited - Thailand
- Mercuria Energy - Indonesia
- Videocon Industries ltd - India
- Parliament of New Zealand
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- VISA Power Limited - India
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- White Energy Company Limited
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Binh Thuan Hamico - Vietnam
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- Mjunction Services Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- Planning Commission, India
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- Siam City Cement - Thailand
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sakthi Sugars Limited - India
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Goldman Sachs - Singapore
- South Luzon Thermal Energy Corporation
- Straits Asia Resources Limited - Singapore
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- The University of Queensland
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
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