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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, 25 January 15
PANAMAX FREIGHT RATES STILL FALLING
COALspot.com: The BDI was slightly down this week to 720 points. The BDI lost 2.83 pct week on week.
The cape index continued its upward trend ...
Friday, 23 January 15
U.S. WEEKLY COAL PRODUCTION FOR WEEK ENDING JAN. 17 UP 2.5%
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.4 million short tons (mmst) of coal ...
Thursday, 22 January 15
PANAMAX: A SOFTER TONE AND OVERALL A SLUGGISH MARKET - FEARNLEYS
Handy
The handy and supra market has experienced yet another week with slow activity and softening rates in both hemispheres, broker Fearnleys AS ...
Thursday, 22 January 15
BUMI RESOURCES POSTS NET INCOME OF $13.3 MILLION 9M-2014
COALspot.com: Bumi Resources, Indonesia’s largest coal miner, reported today that, the company has recorded a net income of $13.3 million for ...
Wednesday, 21 January 15
PANAMAX MARKET MOVED SIDEWAYS OVERALL LAST WEEK - INTERMODAL
COALspot.com: The positive sentiment in which the week prior ended carried on through-out last week as well, the end of which marked the first posi ...
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- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Planning Commission, India
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Chettinad Cement Corporation Ltd - India
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Rio Tinto Coal - Australia
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Kartika Selabumi Mining - Indonesia
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- Star Paper Mills Limited - India
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- ICICI Bank Limited - India
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- Vedanta Resources Plc - India
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- Essar Steel Hazira Ltd - India
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Ind-Barath Power Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- International Coal Ventures Pvt Ltd - India
- Antam Resourcindo - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- The University of Queensland
- South Luzon Thermal Energy Corporation
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- Indo Tambangraya Megah - Indonesia
- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- Vijayanagar Sugar Pvt Ltd - India
- GVK Power & Infra Limited - India
- VISA Power Limited - India
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- GN Power Mariveles Coal Plant, Philippines
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Medco Energi Mining Internasional
- Karaikal Port Pvt Ltd - India
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- Globalindo Alam Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- SMG Consultants - Indonesia
- White Energy Company Limited
- LBH Netherlands Bv - Netherlands
- MS Steel International - UAE
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- Riau Bara Harum - Indonesia
- Commonwealth Bank - Australia
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- Central Java Power - Indonesia
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- Agrawal Coal Company - India
- Kapuas Tunggal Persada - Indonesia
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Meenaskhi Energy Private Limited - India
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
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