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Wednesday, 20 May 15
TANKER MARKET INSIGHT - JOHN N. COTZIAS
 Since Early October 2014 the tanker market has been experiencing a very positive momentum and has continued its strong performance so far in 2015. Freight rates in the wet tanker market remained solidly firm and somewhat increasing over the past weeks.
The VLCC TD3 daily is today in excess of $80,000/day, reaching 5 year highs and has improved phenomenally on a y-on-y comparison as around this time last year it was averaging at -$3,000/day. Cargo volumes are at elevated levels with oil production in Saudi Arabia holding at record highs and more crude cargo exports coming out of Iraq’s Basrah. Market expectation is that there is will be an upward trend in VLCC rates in June and it is worth noting that nearly 1 out of 3 VLCC’s taken on T/C during 2015 is being used for storage mostly in the AG, some in Spore, W. Africa & the Med. Suezmaxes were partly assisted by the bullish sentiment of the rising VLCC market and saw the Black Sea-Med TD6 route averaging around $55,000/day during Q12015, which is 70% up from the average during Q12014. Rates for Aframax Tankers are slightly softening over the past month, but the average spot rate is still holding above $25,000/day, with stable activity expected in the short to medium term as well.
Spot earnings for MR tankers are close to $23,500/day while the LR1’s average spot rates are ranging slightly higher at around$25,000/day. LR2’s product tanker rates in the Q12015 averaged the highest for the same period since 2006. These rates have been supported mainly by new refineries in the Middle East, which in turn utilized long haul product exports. Low oil prices have also kept naphtha prices down, making it a competitive alternative to LPG for petrochemical plants feedstock, which ultimately led to strong Asian naphtha imports.
Newbuilding and secondhand prices are also on the rise and in general we are seeing a great volume of transactions on quality modern wet tonnage, as keen buyers appear ready to act on tonnage that could benefit from the strong freight market. More than 105 Secondhand and Resale Tankers of 25.000dwt and above have changed hands since Jan. For the same period we have seen newbuilding orders for more than 130 tankers. The existing tanker orderbook is in excess of 680 vessels, 78% of which is scheduled to be delivered before 2017. At the same time, the healthy returns of the past six months gave tanker owners practically no incentive to send their vessels for scrap. In fact, only 8 large sized tankers went for demo so far in the year, while these where all well above 20 years of age.
According to International Energy Agency (IEA), European oil demand in the first quarter of this year grew at its fastest pace in almost 20 years, increased by 185,000 b/d compared to the Agency’s previous estimates, while low prices and colder weather, were as expected the main reasons behind this strong uptrend. At the same time, China, the world’s second-largest oil consumer behind the United States according to the IEA, is forecasted to consume a little below 12million barrels of oil per day in 2017, with oil consumption doubling since 2004 and oil import dependency up from 30% in 2000 to about 57% in 2014.
So given that oil prices will keep fairing at their lower new normal in the short to medium term, sustaining this way the strong demand for longer, the weight that scheduled deliveries will place on the market is expected to be partly offset, allowing the sector to keep enjoying firm rates with potential of further upside very possible .
By John N. Cotzias
SnP Broker, Intermodal
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.
Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Friday, 05 June 15
U.S PRODUCED 15.1 MMST OF COAL THIS PAST WEEK; LESS 20.7% COMPARED TO SAME PERIOD IN 2014
COALspot.com – United States the second largest coal producer in the world has produced approximately totalled an estimated 15.1 million shor ...
Thursday, 04 June 15
DRY BULK MARKET FAILED TO OFFER ANY POSITIVE SURPRISES - INTERMODAL
COALspot.com: This has been another week that the Dry Bulk market failed to offer any positive surprises, while the BDI, which is still faring belo ...
Wednesday, 03 June 15
SHIPPING MARKET INSIGHT - VASSILIS LOGOTHETIS
For some time now the Dry Bulk market has been severely affected by China’s slowing GDP growth rate that occurs in the background of increase ...
Tuesday, 02 June 15
FOB INDONESIA COAL Q3 SWAP ADVANCED 1.73% MONTH OVER MONTH
COALspot.com: Indonesian coal swap for delivery Q3 2015 gains month on month and lost week over week, this past week.
The Q3 swap was climbed ...
Tuesday, 02 June 15
FOB RICHARDS BAY COAL SWAPS; Q3'15 CLOSED HIGHER THAN Q1'16
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 up month over month and week over week.
The Q3 swap was up US$ 0.80 (1 ...
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- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- Timah Investasi Mineral - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chettinad Cement Corporation Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Borneo Indobara - Indonesia
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Minerals Council of Australia
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- Eastern Coal Council - USA
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- Central Java Power - Indonesia
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Aditya Birla Group - India
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- Australian Coal Association
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- International Coal Ventures Pvt Ltd - India
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Orica Australia Pty. Ltd.
- The University of Queensland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- Toyota Tsusho Corporation, Japan
- Salva Resources Pvt Ltd - India
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- Lanco Infratech Ltd - India
- Semirara Mining Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- Mercator Lines Limited - India
- Posco Energy - South Korea
- Ministry of Mines - Canada
- Directorate Of Revenue Intelligence - India
- Bukit Baiduri Energy - Indonesia
- White Energy Company Limited
- Neyveli Lignite Corporation Ltd, - India
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- SMC Global Power, Philippines
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- Marubeni Corporation - India
- Parliament of New Zealand
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
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