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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.
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Friday, 29 May 15
COAL PRODUCTION IN THE U.S. ALMOST FLAT THIS PAST WEEK
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 16.1 million short ...
Friday, 29 May 15
SOUTH KOREAN STATE-OWNED UTILITY KOREA MIDLAND POWER INVITES BIDS FOR 780K MT OF COAL FOR H2' 15
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender to buy total 780K Metric Tons (MT) of HCV and LCV ...
Thursday, 28 May 15
TIMEBAR FOR DEMURRAGE CLAIMS - SKULD
KNOWLEDGE TO ELEVATE
English law has traditionally had a strict approach to contractually agreed time bars between commercial parties as well ...
Wednesday, 27 May 15
MARKET INSIGHT - TIMOS PAPADIMITRIOU
Earlier in the year I looked at how the market was reacting to the prolonged fall of the price of oil. Back then it was still unclear if the fallin ...
Tuesday, 26 May 15
HOW HAS THE DROP IN OIL PRICES AFFECTED OTHER COMMODITIES? - CLYDE & CO
KNOWLEDGE TO ELEVATE
The effects of the dramatic drop in the price of both Ice March Brent, the international oil marker, and its US counterpa ...
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Showing 3001 to 3005 news of total 6871 |
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- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Coalindo Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- The University of Queensland
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- Meenaskhi Energy Private Limited - India
- London Commodity Brokers - England
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- Metalloyd Limited - United Kingdom
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Australian Coal Association
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- Africa Commodities Group - South Africa
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- Tata Chemicals Ltd - India
- Indian Oil Corporation Limited
- Sinarmas Energy and Mining - Indonesia
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- Minerals Council of Australia
- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- Indian Energy Exchange, India
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- GMR Energy Limited - India
- Mjunction Services Limited - India
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- Kideco Jaya Agung - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- Gujarat Mineral Development Corp Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- GAC Shipping (India) Pvt Ltd
- Cigading International Bulk Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- Videocon Industries ltd - India
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Antam Resourcindo - Indonesia
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Sree Jayajothi Cements Limited - India
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- Attock Cement Pakistan Limited
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- Electricity Generating Authority of Thailand
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